Alvopetro Energy (ALVOF) investor relations material

Executive summary

• Q3 production averaged 2,966 boepd, including 89% natural gas; sales volumes were up 27% YoY. October sales averaged 3,200 boepd.

• Murucututu development advanced with 183-G2 drilling complete; facility expansion and tie-in are targeted for early 2027, with production planned for Q1.

Financial highlights

• Q3 revenue was $19.271 million, up 36% YoY; net income was $8.548 million, up 85%, and funds flow from operations was $14.307 million, up 37%.

• Q3 operating cash flow was $16.101 million, up 32% YoY; capital expenditures were $16.084 million, up 43%.

• Funds flow was nearly flat QoQ at $14.3 million versus $14.1 million, as stronger prices, lower royalties, higher other income and lower G&A offset lower sales volumes.

• 9M revenue totaled $55.843 million; net income was $26.371 million, up 51%, and funds flow from operations was $40.910 million, up 36% YoY.

Outlook and guidance

• 2027 Brazil growth target is an additional ~20%, taking production to just below 4,000 boepd; the longer-term 6,000 boepd goal depends on success.

• Murucututu 183-G2 completion and tie-in are planned for early 2027, with production targeted for Q1; field facility and pipeline capacity are expanding to 600,000 e³m³/d.

• 2027 plans include Caruaçu G-Pad follow-up drilling and 183-C1 exploration; the capital budget and detailed well schedule remain under development.

• Five Canadian farmin earning wells are targeted for completion by early 2027; estimated 100%-funded drilling, completion and equipping costs are C$8.5 million.

• November 2026–January 2027 weighted average firm gas price is expected at $11.10/Mcf; one unfinished Caburé well is planned for a Q4 sidetrack.