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Alvopetrol Energy provides operational update


Published Nov 23, 2015
Alvopetro Energy Ltd.

Alvopetro Energy Ltd. is pleased to provide an operational update and our third quarter 2015 financial and operating results.

Operational Update

DeGolyer and MacNaughton ('D&M') completed an independent contingent resource report of our 197(2) conventional natural gas pool located on Blocks 197 and 198 in the Recôncavo Basin onshore Brazil, quantifying Alvopetro's contingent resources with a 'best estimate' (2C) of 5.8 million barrels of oil equivalent (mmboe), 3.4 mmboe 'low estimate' (1C) and 8.1 mmboe 'high estimate' (3C).

The 10% discounted net present values (NPV10) estimated by D&M are $91.3 million (2C), $61.9 million (1C), and $137.1 million (3C). The D&M resource report reflects the significant value of our first conventional natural gas discovery and highlights a small portion of the potential that exists in our current inventory of 22 conventional exploration prospects.

Tags: Alvopetro Energy Ltd.




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