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Be the first with the news that moves the market- Alvopetro Energy Ltd. (TSXV:ALV) stock hit a fresh high on Monday after starting production on one of its wells
- The company completed a 63-hour clean-up flow period at the 197(1) well on its Murucututu natural gas field and recovered 1,156 barrels of frac fluid and flowed a total of 3.8 million cubic feet of natural gas
- The well is now flowing at a restricted rate of 1.3 million cubic feet per day
- Alvopetro Energy Ltd. (ALV) opened trading at C$9.14 per share
Alvopetro Energy Ltd. (TSXV:ALV) stock hit a fresh high on Monday after starting production on one of its wells.
The Calgary-based company completed a 63-hour clean-up flow period at the 197(1) well on its Murucututu natural gas field and recovered 1,156 barrels of frac fluid and flowed a total of 3.8 million cubic feet (MMcf) of natural gas.
Following the clean-up flow period and confirmation of natural gas composition, the team initiated natural gas sales through the Murucututu extension pipeline through to its Caburé natural gas plant (UPGN). The well is now flowing at a restricted rate of 1.3 MMcfpd at a flowing well-head pressure of 873 psi with 24 bpd of 53-degree API natural gas liquids (condensate) and 57 bpd of frac fluid. Alvopetro has now delivered natural gas sales to the UPGN for a total of 30 hours, averaging 1.3 MMcfpd (220 boepd) and plans to continue to flow the well at this rate.
The company’s President and CEO, Corey Ruttan, commented on the news.
“The completion and stimulation of our 197(1) well represents a major milestone for our Murucututu natural gas field development and we are looking forward to drilling our first two fit-for-purpose Murucututu development wells in the second half of this year.”
Alvopetro Energy Ltd is a resource company engaged in the exploration, acquisition, development, and production of hydrocarbons in Brazil. The company recently released record financial results for the three months ended March 31, 2023. Click here to read that news.
Alvopetro Energy Ltd. (ALV) is 15.7 per cent higher than it was this time last year and has grown 40.10 per cent in the last three months. ALV opened trading at C$9.14 per share.
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