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Petro-Victory Expands Drilling Capacity

Petro-Victory signs concession agreements for the acquisition of nineteen blocks in Brazil.

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Petro-Victory signs concession agreements for the acquisition of nineteen blocks in Brazil.

Doubling of the portfolio

Petro-Victory says it is signing concession agreements to acquire 19 blocks in the Potiguar Basin, Brazil. The company obtains these concession contracts participation in the third permanent offer of OTP. As a result, the company holds a 100% work and operating permit in the nineteen new blocks.

With these acquisitions, Petro-Victory adds 128,080 acres to its portfolio. This represents an area of 518 square kilometers. As a result, the company nearly doubles its initial portfolio of 129,524 acres representing 524 square kilometers.

Petro-Victory holds a position of 257,604 acres, or 1042 square kilometers. The company thus has one of the largest portfolios in the onshore basin. In addition, it is one of the most prolific pools in Brazil.

This brings the company’s portfolio to thirty-eight blocks. Of these thirty-eight blocks, thirty-seven are located in the Potiguar basin. In addition, the nineteen new blocks are adjacent to Petro-Victory’s operating infrastructure.

Promising oil fields

All required payments were made by the company. The signing of the final concession contracts took place in November at a ceremony in Rio de Janeiro, Brazil. These new acquisitions are adjacent to the oil fields of Andorinha, Alto Alegre and Trapia.

This geographical location allows for organic expansion at low cost. In addition, the new acquisitions are adjacent to some of the largest oil fields in the Potiguar Basin. Finally, the current production of the basin is about 32,000 barrels per day.

The Potiguar Basin covers an area of about 60,000 square kilometers and has the capacity to produce more than one billion barrels of oil. Currently, the basin has about seventy oil fields.

Richard F. Gonzalez, CEO of Petro-Victory, states:

“We now have one of the largest portfolios in Brazil’s most prolific onshore oil producing basin, which significantly increases our drilling inventory, reserves and future production for many years to come. Our technical team has worked diligently to identify, quantify and qualify drilling targets on our nineteen new blocks and plans to commence drilling operations on these assets in 2023.”

Petro-Victory is engaged in the acquisition, development and production of crude oil and natural gas in Brazil. The company generates value for its shareholders in high-impact, low-risk assets.

 

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