06:21 AM EDT, 04/12/2024 (MT Newswires) -- Alvopetro Energy Ltd. ( ALVOF ) announced Friday that it has filed a material change report that details the anticipated impact to the company following the decision of an independent expert in the redetermination process that increased Alvopetro's working interest in the unitized area including the Cabure natural gas field. In addition, Alvopetro announced that it has received a notice of dispute from our third-party partner with respect to the findings of the expert.

On April 5, 2024, a statement noted, Alvopetro announced the results of the unit redetermination process wherein the expert found in favour of Alvopetro's proposal, increasing Alvopetro's working interest in the unit to 56.2%. Alvopetro has filed a material change report that summarizes the anticipated impact to Alvopetro of the increased working interest.

Meanwhile, on April 11, 2024, the same statement noted, Alvopetro received a notice of dispute from the third-party partner with respect to the redetermination decision of the expert. "Pursuant to the provisions of the UOA and all related agreements, where an expert is engaged to evaluate a redetermination, the decision of the expert is binding and Alvopetro strongly disagrees with our third-party partner's position."