Alvopetro Announces Discovery at 182-C1 Well

Source: 4/21/2022, Location: South America

Alvopetro Energy Ltd. (ALV) (ALVOF) announces that we have completed drilling the 182-C1 well on our 100% owned and operated Block 182 in the Recôncavo basin. Based on open-hole wireline logs the well has discovered 25 metres of potential net natural gas pay, with an average porosity of 8.2%.

President and CEO, Corey Ruttan commented:

"Preliminary drilling results from our 182-C1 well represent the first successful step in our organic growth strategy to expand our natural gas business in Brazil. We are currently increasing the capacity of our gas processing facility and we look forward to testing this well to understand the full development and production growth potential relating to this exciting new discovery."

The 182-C1 well was spud on March 2, 2022 and drilled to a total measured depth ("MD") of 2,926 metres. Two open-hole logging runs were completed and based on the open-hole logs, the 182-C1 well encountered a 36-metre-thick Agua Grande Formation sand at 2,550 to 2,586 metres total vertical depth with 25 metres of potential net natural gas pay, at an average 34% water saturation and average porosity of 8.2%, using a 6% porosity cut-off, 50% Vshale cut-off and 50% water saturation cut-off. Neutron-density crossover on logs is interpreted to be reflective of natural gas pay but will be confirmed with well testing.

The primary and secondary targets of the 182-C1 well were the Agua Grande and Sergi Formations, respectively. Based on preliminary drilling results, the 182-C1 well encountered net pay in the Agua Grande Formation but did not encounter the Sergi Formation, the secondary target, due to the well crossing a normal fault before reaching the Sergi Formation. Data obtained from drilling the 182-C1 well is expected to assist in drilling follow-up development Agua Grande wells that will also be designed to reach the Sergi Formation further east from the bounding fault.

Based on these drilling results, we plan to undertake a testing program of the 182-C1 well with a service rig, subject to customary regulatory approvals and equipment availability. This additional testing will assess the productive capability of this well and help define the field development plan.

After running casing, we plan to mobilize the drilling rig to our next exploration location, the 183-B1 well, which is expected to be spud in May. The 183-B1 well also targets the Agua Grande and Sergi Formations as the primary and secondary targets, respectively.

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