Petro-Victory Energy Corp. (“Petro-Victory” or the “Company”) is pleased to announce that it has reached a Total Depth of 1,196m and completed the Wireline Logging program at the first of its development wells to be drilled on the Company’s 100%-owned Andorinha Field in the Potiguar Basin, onshore Brazil.
PVE-01 well is located approximately 250m from producing oil wells at Andorinha and targeted a separate geological compartment from the accumulations found at the main Andorinha field. The well was successfully drilled to 1,196m, encountering oil shows from 525m to the base of the well where basement formation was encountered.
Following a program of evaluation using conventional wireline logging tools, 3.85m of net oil pay has been identified across 3 Cretaceous aged sandstone reservoirs from depths of 1110m to 1170m. A summary of the good evaluation results is included below:
Based on the drilling and logging results, the well has been cased and cemented, and a testing program has been constructed to fully evaluate the PVE-01 production potential. This testing will assess the extent, if any, of commercial hydrocarbons associated with the well.
The PVE-01 well also encountered an additional 13m-thick section in the Alagamar Formation, with oil shows throughout, and 10m of logged sands. Caliper logs indicate that a significant amount of the wellbore in this interval contains washouts from drilling, making open-hole log analysis challenging. The oil potential in this Alagamar section will be validated through production testing.
Production testing on PVE-01 is expected to commence within the next 30 days. After testing, the PVE-01 well will be tied into the existing production facilities at Andorinha. Production performance updates for PVE-01 will be communicated to the market shortly.
“I am delighted with the initial results of the PVE-01 well and the successful drilling and identification of oil in our first development well in Brazil. The result is a fantastic achievement for Petro-Victory and is a significant milestone as we unlock value across our portfolio. We are excited about the production potential of the PVE-01 well and look forward to updating the market following a period of sustained production testing.”
Petro-Victory Energy Corp. is engaged in the acquisition, development, and production of crude oil and natural gas resources in Brazil. The company holds 100% operating and working interests in thirty-eight (38) licenses totaling 257,604 acres in two (2) different producing basins in Brazil. Petro-Victory generates accretive shareholder value through disciplined investments in high-impact, low-risk assets. The Company’s Common Shares trade on the TSX Venture Exchange (“TSXV”) under the ticker symbol VRY.
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