Petro-Victory Makes Oil Discovery at Vida Well

Source: www.gulfoilandgas.com 4/7/2020, Location: South America

Petro-Victory Energy Corp. is delighted to announce the discovery of oil at the 1-VID-1-ES (Vida) exploration well located in Block ES-T-487 Espirito Santo Basin, Brazil. This is the company’s first exploration well in Brazil.

The Vida exploration well was drilled to a Total Depth of 1,890 meters in the onshore portion of the Espirito Santo Basin, Brazil. Evaluation of logging, pressure, and fluid data confirms that Vida comprises of high-quality oil-bearing Cretaceous sandstone reservoirs. The well encountered 49 meters of net oil pay, exceeding Petro-Victory’s pre-drill forecast of 855,000 barrels of mean recoverable resource. Oil was successfully recovered to surface during fluid sampling from a sandstone reservoir at 1,600m and preliminary observations of the oil sample show similar qualities to a nearby oil field (24 API, low BSW). Oil pay was encountered across the Vida well, with the majority of oil pay occurring between 1560-1660m.

The Company will now suspend the well, evaluate the data from the Vida oil discovery, update the recoverable oil resource, determine an appropriate testing program, and source a workover rig to conduct a detailed testing program and put the Vida well on production in Q3. Upon completion, the Company projects ongoing OPEX to be in the US$10-12 per BO range, generating positive cash flow and profitable netbacks in the current price environment.

This oil discovery significantly de-risks other Cretaceous age prospects on the ES-T-487 license and the Company’s other nearby licenses, ES-T-477, ES-T-373, ES-T-354, including our next well, the Sintonia prospect located on ES-T-441.

Richard F. Gonzalez, Chief Executive Officer of Petro-Victory commented, “I would like to thank our operating partner, Imetame Energia, for their hard work and dedication in drilling the Vida well during these turbulent times. Making a significant oil discovery in our first Brazil exploration well is an excellent result for our shareholders. We will now work steadfastly to bring our Vida well online while preparation commences for the drilling of our second exploratory well, Sintonia.”


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