Alvopetro Energy Ltd. has completed testing of 182-C2 well on 100% owned and operated Block 182. The company completed drilling the 182-C2 well in October to a total measured depth ("MD") of 3,185 metres. As previously announced, based on open-hole wireline logs, the well encountered a 223.7-metre-thick section with 121.3 metres of sand estimated above 6% porosity in the sand-dominated interval between 2,704.1 and 2,927.8 metres total vertical depth in the Sergi Formation.

The well also encountered 10.9 metres of potential net hydrocarbon pay in the Agua Grande Formation, with an average porosity of 8.9% and average water saturation of 25.1%, using a 6% porosity cut-off, 50% Vshale cut-off and 50% water saturation cut-off. During testing operations of the Sergi and Agua Grande Formations recovered non-commercial amounts of oil and natural gas. These results indicate lower than anticipated permeability and the company are evaluating alternatives to remove any near well bore formation damage and reservoir stimulations to enhance permeability in the Agua Grande and Sergi Formations in this well, and the Sergi Formation in 183-B1 well.