07:16 AM EDT, 04/05/2024 (MT Newswires) -- Alvopetro Energy ( ALVOF ) , which rose 2.5% yesterday, earlier on Friday reported the results of the Cabure unit redetermination process. As a result of the process, Alvopetro's working interest in the Cabure unit has increased to 56.2% from 49.1%, effective June 1, 2024.

With the increased working interest, Alvopetro's share of proved plus probable, or 2P, reserves in the Cabure unit rose to 4.6 million barrels of oil equivalent, or MMboe, from 3.7 MMboe, a 25.4% increase.

Alvopetro's total company 2P reserves increased to 9.6 MMboe from 8.7 MMboe, reflecting a 10.8% increase.

Following the effective date, Alvopetro's entitlement to natural gas production from the unit will increase to 13.9 million standard cubic feet per day, or MMcfpd (before additional NGL volumes), as compared with the average 2023 natural gas production from the unit of 11.7 MMcfpd per day.

Alvopetro retains the right to nominate for additional gas volumes above the company's entitlement when those volumes are available at the unit. The company will pursue the company's right to assume unit operatorship upon the effective date.