Alvopetro Announces January Sales Volumes

Source: www.gulfoilandgas.com 2/4/2021, Location: South America

Alvopetro Energy Ltd. announces January sales volumes, our semi-annual natural gas price redetermination, and an operational update. January natural gas sales averaged 11.0 mmcfpd with associated natural gas liquids sales from condensate of 91 bopd, for an overall daily average of 1,923 boepd, based on field estimates.

Our semi-annual gas price redetermination under our long-term gas sales agreement with Bahiagás was completed effective February 1, 2021. Sales from February 1, 2021 to July 31, 2021 will be priced at BRL$1.06/m3, which equates to $5.88/mcf based on Alvopetro's average heat content to date at a 7% premium and prevailing exchange rates as of February 1, 2021. Future realized US$ denominated sales will be impacted by changes in BRL/US$ exchange rates. As a result of the increase in Alvopetro's natural gas price and based on our current rate of production, we are now forecasting approximately $18 million of EBITDA in 2021.

Our production test on our 183-1 well is continuing and results are expected later this quarter. We have completed drilling location civil construction for our 183-B1 and 182-C1 natural gas exploration wells and expect to commence drilling these wells in the second quarter of 2021.


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