Alvopetro Energy Updates on Murucututu Well Success and Future Plans
Positive Production Results from Murucututu 183-D4 Well
Alvopetro Energy Ltd. (TSXV: ALV, OTCQX: ALVOF) is excited to share the initial production results from the newly completed Murucututu 183-D4 well, which showcases exceptional early performance. The well is located within our fully owned Murucututu field, where significant advancements continue to unfold.
Encouraging Initial Findings
The President and CEO of Alvopetro Energy, Corey C. Ruttan, expressed excitement over the outcomes of the Murucututu 183-D4 well. He notes, "The initial data from our 183-D4 well is incredibly promising and has enabled us to achieve record daily natural gas production levels from our wholly owned Murucututu asset. These results bolster our vision for the site and reinforce our long-term growth objectives."
Operational Insights and Performance
The 183-D4 well was strategically drilled to a total measured depth of 3,072 metres and intersected the Caruaçu Member of the Maracangalha Formation. This high-potential layer is situated structurally 106 metres further updip than the existing 183-A3 well that has been producing since recently.
According to our findings from drilling and logging data, the well revealed an impressive potential natural gas pay totaling 61 metres vertical depth between 2,439 and 2,838 metres. We have successfully completed the well in seven distinct intervals, followed by a thorough 116-hour cleanup phase, during which we recovered substantial amounts of completion fluid and natural gas liquids.
First Flow Period Results
The well was flowed for 70 hours at a steady 32/64" choke and maintained an average rate of 162 e³m³/d, or approximately 5.7 MMcf per day, translating to around 953 boepd under a wellhead pressure of 1,401 psi. Throughout this flow period, we recovered nearly 995 barrels of completion fluid as well as 174 barrels of natural gas liquids. Even more noteworthy is that average natural gas liquids production during this time stood around 60 boepd.
As we assess these strong initial flow results, our production at the Murucututu field currently hinges on the capacity of our existing facility. Consequently, there are plans underway to explore enhancements to our production capabilities, allowing for increased output from this promising field.
Joint Development Activities
We have also made progress in our joint development plans for the unitized area, which includes the Caburé field. Four wells have been successfully drilled so far, and we are embarking on the completion phase. We anticipate that this additional production will be integrated by the end of the third quarter.
Future Prospects and Strategic Goals
These development wells are designed to extend and optimize our productive plateau, and the data garnered will play a crucial role in future assessments of the area’s working interest. The schedule for drilling an additional development well is contingent upon acquiring all necessary regulatory approvals. This strategic approach demonstrates Alvopetro's commitment to solidifying its operational footprint.
Exploring New Frontiers in Canada
In our efforts to pioneer new ventures, we expanded our land base within the Mannville region to 17,780 gross acres. Our recent activities included drilling two additional multi-lateral wells, effectively establishing over 19 kilometers of open-hole reservoir contact. The completion of both wells is complete and they have recently begun production. We look forward to initiating sales from these new sources following an initial cleaning flow period.
Latest Corporate Updates
Alvopetro Energy Ltd. is committed to a balanced capital allocation model. This includes striking a harmonious balance between carefully reinvesting around half of our cash flows into organic growth opportunities while sensibly returning the other half to our stakeholders. Our strategy thrives on identifying and exploiting optimal geological prospects, complemented by appropriate fiscal regimes.
Frequently Asked Questions
What are the key results from the Murucututu 183-D4 well?
The well has shown exceptional potential, with high daily natural gas production levels and significant natural gas pay identified during drilling.
What is Alvopetro's strategy for production development?
Alvopetro aims to enhance production capacity at the Murucututu field, exploring various options to increase output while also managing their facilities efficiently.
How many new wells are being developed in the unitized area?
Four wells have already been drilled in the unitized area, with plans for further development pending regulatory approvals.
What does Alvopetro's corporate strategy emphasize?
The company prioritizes a balanced approach, focusing on organic growth and returning value to shareholders through thoughtful capital allocation.
Where can I find more information on Alvopetro Energy Ltd.?
For more details about Alvopetro, including their latest updates and corporate presentations, please visit their website.
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