Alvopetro Energy (TSE:ALV) has released an update.
Alvopetro Energy Ltd. has announced a favorable increase in their working interest to 56.2% in the Caburé natural gas field unit, expected to be effective from June 1, 2024, which will boost their natural gas production and raise their 2P reserves by 10.8%. However, the company faces a dispute from a third-party partner challenging the independent expert’s decision that led to Alvopetro’s increased stake and future operatorship. The financial implications of this change are significant, with a projected 10.6% increase in the net present value of their 2P reserves.
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