Petro-Victory Energy Corp., a company specialised in oil and gas exploration and production, has initiated drilling of the AND-5 well in the Andorinha field, Potiguar Basin, Rio Grande do Norte state, Brazil. This drilling is part of a fully-funded project, stemming from a previously announced collaboration with Brazilian company Azevedo & Travassos Energia (ATE). The AND-5 well is the first of two drillings planned by Petro-Victory in this area.
Precise geological targeting
Officially started on June 20, the drilling targets two distinct geological formations: Açu and Alagamar. The well is expected to reach a total depth of approximately 1,177 metres. This campaign marks a key milestone for the Canadian company, representing a new step in its efforts to consolidate its regional assets.
Petro-Victory, listed on the TSX Venture Exchange (TSXV), confirmed that all costs related to the drilling campaign were previously covered by the agreement signed with ATE. This strategic partnership between the two entities was first announced on June 24, 2024.
Regional growth perspectives
The company, headquartered in Dallas, United States, exclusively operates on Brazilian territory for its onshore activities. It holds 100% of the Andorinha oil field, located in an area recognised for its oil and gas potential. The Potiguar Basin is particularly attractive for international energy players due to its historical production and exploitable reserves.
Petro-Victory Energy Corp. plans to continue drilling and development activities within its scheduled programmes with ATE. The company indicated it will provide additional market updates upon completion of the AND-5 well drilling.
Strategic context of the Potiguar Basin
The Potiguar Basin, located in northeastern Brazil, is among the country’s most productive oil basins. Numerous international companies already operate there due to existing infrastructure and proximity to consumer markets. Estimated reserves in the area offer notable long-term profitability prospects for companies involved in its exploitation.
This launch occurs in a context where the Brazilian energy market continues to attract significant investments from international energy groups. The Brazilian government, furthermore, maintains a favourable regulatory framework for companies operating within its territory in the energy sector.
