January 30, 2020 Alvopetro Energy Ltd. announced updated results from its post-stimulated Gomo 183(1) well test. Company's183(1) well, located on Block 183 (100% working interest) in the Recôncavo basin in the State of Bahia, Brazil was originally drilled in 2014 to a total depth of 3,550 metres. Company completed the stimulation of an 18-metre zone in the Gomo Member of the Candeias Formation. The company commenced a flowback and clean-up flow process on December 16, 2019 to recover completion and stimulation fluids. As a result of limited equipment availability, ability to accelerate and complete the clean-up flow period continues to be limited. The company were cycling the well to recover the remaining completion fluid. Over this flowback period the well produced a total of 10.5 million cubic feet ("mmcf") of natural gas, 737 barrels ("bbls") of completion fluid and 419 bbls of 56- degree API condensate. During the flow cycles The company saw continual improvement to the well with good reservoir energy and pressure support during each build-up cycle. On January 22, 2020, The company decided to shut-in the well for 5 days prior to commencing a 72-hour production test. Over the build-up period, well head pressure increased to 1860 psi. Over the 72-hour production test the well produced a total of 2.0 mmcf of natural gas, 46 bbls of completion fluid and 69 bbls of 56-degree API condensate, or approximately 35 bbls of condensate per mmcf of natural gas with a final flowing wellhead pressure of 154 psi on a 32/64" choke. The well is still being impacted by completion fluid and liquid loading and is expected to clean-up during long duration flow. The well has now been shut in for an extended pressure build-up. The results of the pressure transient analysis will allow company to assess the well deliverability and estimate long-term productivity assuming an artificial lift system is installed to more effectively remove liquids from the well during the clean-up period. The company expects to have this analysis completed at the beginning of the second quarter of 2020.