Alvopetro Energy Ltd (TSX-V:ALV, OTC:ALVOF) reported August sales volumes of 2,375 barrels of oil equivalent per day (boepd), based on field estimates.
The natural gas producer said August sales volumes in Brazil averaged 2,257 boepd, including natural gas sales of 12.7 million cubic feet per day (MMcfpd), associated natural gas liquids sales from condensate of 132 bopd and oil sales of 9 bopd.
The company noted that the large relative contribution of production from its 100% Murucututu field in Brazil in August relates to the start of production from the 183-D4 well, which kicked off production later in the month.
From August 20 through September 3, the 183-D4 well produced at an average rate of 162,000 cubic metres per day (e3m3/d) (5.7 MMcfpd, 954 boepd) and the company said it recovered 5,482 barrels of completions fluid and 1,033 barrels of natural gas liquids from condensate.
Alvopetro added that there are 10,322 barrels of 15,806 barrels of completions fluid left to recover.
Given the “extremely strong” production results, according to the company, Alvopetro is currently producing the Murucututu field from this single well as it is limited by its current facility capacity at Murucututu.
Furthermore, the company noted that as it continues to monitor these initial flow results, it will be evaluating options to improve production capacity of the system to allow for more production from the Murucututu field.
As well, Alvopetro reported that August sales volumes in Canada averaged 118 bopd from its two initial wells.
The company noted that it has added production from its most recently drilled two multi-lateral wells (1.0 net) at Big Gully that were drilled with a total of over 19 kilometers of open hole reservoir contact and expect oil sales from these wells to begin in September.