Monday, July 03, 2023
Alvopetro Energy Ltd.’s vision is to become a leading independent upstream and midstream operator in Brazil. Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil, building off the development of our Caburé natural gas field and our strategic midstream infrastructure.
Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Initial Bom Lugar well successful. Alvopetro completed its BL-06 well encountering a larger-than-expected pay zone confirming previously announced results for the well. The well is important because it is 100% owned and is primarily oil unlike current wells in the Cabure Field. Alvopetro management spoke about the well results in a recent Noble-sponsored non deal road show in St. Louis and New York.
The well will lead to expanded drilling. Alvopetro was very pleased with the results and said that successful production testing would lead to an expanded development drilling program. Management had previously indicated that it plans to drill two developmental wells in Bom Lugar in 2023. In the press release, management indicated its intent to mobilize the drilling rig to the Murucututu natural gas field while the Bom Lugar well is production tested.
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