Alvopetro Announces 183-B1 Candeias Formation Test Results

Source: 11/29/2022, Location: South America

Alvopetro Energy Ltd. announces results from the third interval tested in our 183-B1 well on our 100% owned and operated Block 183.

In July 2022, we completed drilling the 183-B1 exploration well to a total measured depth ("MD") of 2,917 metres. Based on open-hole wireline logs and fluid samples confirming hydrocarbons, the well discovered hydrocarbons in multiple formations with a total of 34.3 metres of potential net hydrocarbon pay, with an average porosity of 10.6% and average water saturation of 29.0% using a 6% porosity cut-off, 50% Vshale cut-off and 50% water saturation cut-off.

Alvopetro has completed the 183-B1 formation test in the Candeias Formation, the third of three formations with hydrocarbons shows during drilling of the well. We perforated a total of 3 metres in the Candeias Formation between 2,580 to 2,586 metres MD. During the clean up period we swabbed 16 bbls of completion fluid and 12 bbls of 36°API crude oil. Cumulatively, over the duration of the 48-hour production test, we recovered 13 bbls of 35°API crude oil and 21 bbls of formation water.

Following this test, we will turn our focus back to the Sergi Formation in this well where we perforated a total of 26.5 metres in the upper portion of the Sergi Formation at various intervals between 2,811 metres MD and 2,886 metres MD. We initially swabbed 63 bbls of oil and 7 bbls of completions fluid during the clean-up period. After a short shut-in we then initiated the production test. Cumulatively, over the duration of the 72-hour production test, we recovered 59 bbls of 43°API oil, 7 bbls of water identified as completion fluid, and 0.28 MMcf of associated gas. The daily oil rate recovered during swabbing operations averaged 20 bopd. We are engineering a stimulation plan for this upper Sergi section in this well and we have submitted applications to drill two follow up wells from this 183-B1 surface location targeting the full Sergi hydrocarbon column and the potential in the deeper Boipeba Member.

We now plan to move to test multiple zones in our 182-C2 well, commencing with the Sergi Formation where, as previously announced, based on open-hole wireline logs, the well encountered a 223.7-metre-thick section with 121.3 metres of sand estimated above 6% porosity in the sand-dominated interval between 2,704.1 and 2,927.8 metres total vertical depth. Caliper logs indicate that a significant amount of the wellbore in the Sergi interval contains washouts from drilling and is out of gauge, making open-hole log analysis challenging. As such, hydrocarbon potential in the Sergi will be validated through formation testing. Following testing of the Sergi Formation, testing will proceed up-hole to the Agua Grande formation where, based on open-hole wireline logs, the well encountered 10.9 metres of potential net hydrocarbon pay, with an average porosity of 8.9% and average water saturation of 25.1%, using a 6% porosity cut-off, 50% Vshale cut-off and 50% water saturation cut-off. This testing will assess the extent, if any, of commercial hydrocarbons associated with the well, the productive capability of the well and will help define the field development plan.

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