Alvopetro Energy reserves climb as working interest in Caburé increases
Published: 09:37 27 Feb 2025 EST
Alvopetro Energy Ltd (TSX-V:ALV, OTC:ALVOF) reported a 65% jump in its total proved (1P) reserves to 4.5 million barrels of oil equivalent (MMboe) following an increase in its working interest in the Caburé natural gas field.
The company's total proved plus probable (2P) reserves rose 5% to 9.1 MMboe as of December 31, 2024, while the before-tax net present value discounted at 10% (NPV10) of its 1P reserves surged 53% to US$177.7 million.
The NPV10 of its 2P reserves climbed 6% to $327.8 million, according to an independent evaluation by GLJ Ltd.
Alvopetro attributed the growth to a successful redetermination that increased its working interest in Caburé from 49.1% to 56.2%, along with strong performance from the 183-A3 well in the Caruaçu Formation at its Murucututu natural gas project, where it holds a 100% stake.
“Our 2024 year-end reserves reflect a strong year for Alvopetro,” CEO Corey Ruttan said in a statement.
“These successes allowed us to commit to a higher level of base committed firm sales volumes with our offtaker, Bahiagás, for 2025 and further strengthens our disciplined capital allocation model, balancing returns to stakeholders and organic growth."
The company’s risked best estimate contingent resources declined 15% to 4.5 MMboe, reflecting the migration of volumes to reserves from the Caruaçu Formation, while risked best estimate prospective resources increased 6% to 10.2 MMboe.
Alvopetro’s operations include interests in the Caburé and Murucututu gas fields and the Bom Lugar and Mãe-da-lua oil fields in Brazil.
