Alvopetro Energy Ltd (TSX-V:ALV, OTC:ALVOF) announced initial production results from its recently-completed 183-D4 Murucututu well in Brazil, in which the company has a 100% working interest.
The Canada-based energy producer said the 183-D4 well was drilled in the second quarter to a total measured depth of 3,072 metres, encountering potential natural gas pay in the Caruaçu Member of the Maracangalha Formation.
"The initial results from our 183-D4 well are extremely encouraging and have allowed us to post record daily natural gas production levels from our 100% owned Murucututu asset,” Alvopetro Energy CEO Corey Ruttan said in a statement.
“This result reinforces our vision for Murucututu and our long-term growth objectives."
Alvopetro noted that the well went through an initial 116-hour cleanup period, recovering 2,620 barrels of completion fluid and 132 barrels of natural gas liquids.
The company added it also recovered a total of 995 barrels of completions fluid and 174 barrels of natural gas liquids. Average natural gas liquids (condensate) production during the flow period was 60 barrels of oil equivalent per day (boepd).
As well, Alvopetro reported that its joint development on the unitized area, which includes its Caburé field, began in the second quarter and four wells (2.2 net) have now been drilled.
The company added that it began the completion program and expects to have the additional production online by the end of the third quarter.
Furthermore, Alvopetro revealed that in June, it further expanded its joint Mannville-focused land-based acreage to 17,780 gross acres (8,890 net acres). In July, two additional multi-lateral wells (1 net) were drilled, with a total of more than 19 kilometres of open-hole reservoir contact.
The company noted that both wells have been completed and equipped, and production has begun.
It added that following a clean-up flow period, the company will begin oil sales from these two new wells.