Petro-Victory Energy's Operations Update and Future Plans
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Petro-Victory Energy Corp. Provides Operations Update
Petro-Victory Energy Corp. (TSXV: VRY) has shared an exciting update regarding its operations, aimed at keeping shareholders informed about the progress and advancements of the company.
2024 Advancement Highlights
This year has marked significant advancements for Petro-Victory. The completion of a workover campaign at the São João Field has led to impressive results in oil sales, reflecting the company's commitment to maximizing production capabilities.
- The São João Field's three-well workover campaign completed successfully earlier this year, contributing a total of 5,814 barrels of oil sold, showing a tremendous growth of 99% compared to the previous quarter.
- This effort has proven beneficial, leading to an estimated addition of 50.1 billion cubic feet of gas or approximately 8.4 million barrels of oil equivalent, further enhancing the company’s valuation with a net present value of USD 97.3 million.
- Additionally, Petro-Victory has updated its reserve report, now indicating a total of 6.9 million barrels of oil equivalent, amounting to a net present value of USD 257.7 million.
- A new and promising partnership with Azevedo Travassos Petróleo S/A (ATP) has been established to optimize the development of the Andorinha field and Block 281.
Strategic Partnership with Azevedo Travassos Petróleo
Through this collaboration, Petro-Victory plans to enhance its drilling operations significantly. The upcoming workover on the CR-2 well in Block 281 will be funded entirely by ATP, which will recoup its investment through a revenue-sharing model.
Progressive Drilling Plans
In December, Petro-Victory will commence drilling two new wells at the Andorinha Field, strongly supported by ATP’s investment, further solidifying the operational framework laid out by the partnership.
Commercial Outlook
The results from the ongoing projects will lead to the acquisition of new reserves. Post workover and drilling, ATP will have an option to purchase a 50% stake in the properties at specified prices, ensuring both growth and strategic leverage for future development opportunities.
High-Impact Exploration Initiatives
Petro-Victory has lined up six new high-impact exploration prospects. These efforts have received the necessary environmental and drilling licenses, with a prospective resource report due shortly. Various financing options are being considered to cover the expenses associated with these bold exploration endeavors.
Acquisition of Mature Oil Fields
In a strategic move, Petro-Victory has also entered a memorandum of understanding with XP Group, aimed at acquiring and enhancing the production of mature oil and gas fields in Latin America. This initiative plays a pivotal role in boosting production capacity and elevating shareholder value.
Message from the CEO
In a recent statement, CEO Richard F. Gonzalez expressed enthusiasm about the operational achievements thus far. Highlighting the remarkable 99% increase in oil sales volumes and the overall production from the fields, he underscored the path ahead for continued growth and development.
Focus on Strategic Partnerships
The company’s focus on fostering strategic partnerships is crucial for monetizing existing assets effectively and capitalizing on future opportunities. The collaborative efforts with ATP are positioned to yield substantial benefits for both parties involved.
Summary of Reserves and Resources
The independent reserves report released previously outlined a compelling picture for the company's resource potential, identifying ample opportunities for growth through ongoing exploration and development efforts.
- Proven reserves stand at approximately 3,434 thousand barrels of oil equivalent.
- Proven plus probable reserves bring the total to approximately 6,873 Mboe, with an impressive net present value measured at USD 257.7 million.
- The total estimated reserves, inclusive of possible reserves, amount to 10,116 Mboe, indicating a strong resource base for future initiatives.
About Petro-Victory Energy Corp.
Petro-Victory Energy Corp. is dedicated to the strategic acquisition and development of crude oil and natural gas in Brazil. With ownership of 100% working interests across various licenses, Petro-Victory aims to generate value through committed and calculated investments in the energy sector.
Frequently Asked Questions
What is the recent operational update from Petro-Victory Energy?
The company reported significant advancements, highlighting a successful workover campaign and increased oil sales volumes.
How have the company's reserves changed?
The company updated its reserves to show 6.9 million barrels of oil equivalent, reflecting its growth and resource potential.
What partnerships is Petro-Victory involved in?
The company has formed a strategic partnership with Azevedo Travassos Petróleo to enhance development projects in specific fields.
How does Petro-Victory plan on financing its exploration projects?
The company is evaluating various financing options, including strategic partnerships and equity investments to fund its exploration initiatives.
What is the company’s focus for the future?
Petro-Victory is focused on increasing production through development plans, strategic partnerships, and acquisitions of mature oil fields.
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