Alvopetro Boosts Stake in Caburé Unit

Alvopetro Energy (TSE:ALV) has released an update.

Alvopetro Energy Ltd. has successfully increased its working interest in the Caburé Unit from 49.1% to 56.2%, resulting in a corresponding rise of its share of proved plus probable reserves by 25.4%, to a total of 4.6 million barrels of oil equivalent. This adjustment, effective from June 1, 2024, will also elevate Alvopetro’s natural gas production entitlement and positions the company to potentially assume operatorship of the unit. The improvement in Alvopetro’s stake came after an independent expert endorsed the company’s final proposal during a redetermination process.

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