(MENAFN- ProactiveInvestors - N.America) Alvopetro Energy's (CVE:ALV) shares rose after announcing a hydrocarbons find on Block 183 in the Reconcavo Basin of Brazil, with over 189 metres of potential net hydrocarbon play in the 183 well, it said.
The company said its initial aim with its first two-well drilling program was to prove the resource potential of the Gomo member for the Candeias Formation, and it has achieved its goals by proving hydrocarbon deliverability on an unstimulated basis, at depth.
It has also added deep basin natural gas potential to its originally defined oil resource opportunities, according to the Calgary, Alberta-based company's statement.
Alvopetro's 183 well, which reached a total depth of 3,550 metres, has been logged, and will be cased and tested, with special core analysis to be completed within six months. Based on open hole logs, the well encountered 189 metres of potential net hydrocarbon pay, the company said, over several separate intervals.
Logs also indicated a natural gas zone with 93 metres of net pay, it added, with the company estimated 3.8 TCF of total petroleum initially-in-place in this geobody.
A multi-zone testing program for the well is being planned.
The company also said Friday it has merged and reprocessed all available 3D seismic over its land base, expanding its inventory of conventional prospects. It now has 9 conventional prospects, with an internally estimated mid point resource of 250 million barrels of oil equivalent.
Next year, Alvopetro will begin drilling on a series of these prospects, as well as start work on its Bom Lugar mature field, which it expects will complement its ongoing work on the Gomo resource play.
Shares of the junior oil and gas company rose more than 5 percent on Friday, to 62 Canadian cents in early deals.
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