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Alvopetro Begins Drilling Block 256 Exploration Well
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Alvopetro Energy Ltd. provided an operational update and announced first quarter financial and operating results.
Operational UpdateWe continue to maintain our focus on building a natural gas business by securing a gas sales contract and finalizing the field commercialization plan for our 197(2) gas discovery. Concurrently, we have taken steps to preserve our financial resources through cost reductions and a disciplined 2016 capital plan of $8.0 million focused on high potential exploration prospects.
Our next well, the 256(A1) well, is a multi-zone prospect on Block 256 and one of our largest exploration prospects to date. Block 256 is located near existing State gas transmission infrastructure and the drilling of 256(A1) will fulfil our exploration work commitments on the Block. We…
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