Alvopetro Energy ( (TSE:ALV) ) has issued an update.
Alvopetro Energy Ltd. reported a significant increase in its reserves as of December 31, 2024, with a 65% rise in total proved (1P) reserves to 4.5 MMboe and a 5% increase in total proved plus probable (2P) reserves to 9.1 MMboe. The company’s net present value (NPV10) of these reserves also saw substantial growth, with a 53% increase for 1P reserves and a 6% increase for 2P reserves. This growth is attributed to a successful redetermination of working interest in the Caburé field and successful results from the 183-A3 well in the Murucututu project. These developments have enabled Alvopetro to commit to higher sales volumes with its offtaker, Bahiagás, for 2025, enhancing its capital allocation strategy and strengthening its market position.
More about Alvopetro Energy
Alvopetro Energy Ltd. is a company operating in the oil and natural gas industry, focusing on exploration and production. It holds interests in various fields, including the Caburé and Murucututu natural gas fields and the Bom Lugar and Mãe-da-lua oil fields, primarily in Brazil.
YTD Price Performance: -8.95%
Average Trading Volume: 19,819
Technical Sentiment Consensus Rating: Hold
Current Market Cap: C$174.2M
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