Petro-Victory Announces Oil Discovery at Its First Well Drilled in Brazil, PVE-01, in the Potiguar Basin

The PVE-01 Well Ensured the Oil Company’s First Oil Discovery in Brazilian Soil. Petro-Victory Celebrated the Progress in Exploring the Potiguar Basin and Plans to Continue Expanding Its Operations in the National Oil and Gas Sector.

A week of great results for the oil company Petro-Victory! The company announced this past Monday (01/23) the discovery of oil in its first well drilled in Brazil, the PVE-01, located in the Potiguar Basin. The drilling in the area is part of the exploration campaign at the Andorinha Field, which has been the focus of the company’s efforts in recent months. The company is now preparing to continue the campaign and expand its presence in the national market.

New Oil Discovery in the PVE-01 Well Guarantees Advances in Petro-Victory’s Exploration Campaign in the Potiguar Basin

The company Petro-Victory has been increasingly expanding its presence in the Brazilian oil and gas sector over the past few months.

It is currently conducting an exploration campaign in the Andorinha region, located in the Potiguar Basin in northeastern Brazil.

Recently, the company announced the discovery of oil in its first well drilled in national territory, the PVE-01.

The well was successfully drilled and completed to a depth of 1,196 m, with oil potential identified in several intervals after evaluating conventional wireline logging tools and correlating with nearby wells.

The company began testing activities on December 26 of last year, using the same platform that completed operations at the São João field, located in the Barreirinhas Basin.

According to Petro-Victory, two reservoirs from the PVE-01 well were producing oil during operations, namely:

• Zone 1 – 1,168.8-1,169.8 m — oil tested at 37 API with a maximum cut of 50%, at a rate of 37 barrels of fluid per day — extrapolated to an oil production rate of 18.5 BOPD.
• Zone 2 – 1,157-1,160 m — oil 17 API tested with a maximum cut of 45%, at a rate of 48 barrels of fluid per day — extrapolated to an oil production rate of 22 BOPD.

Three Additional Zones with Oil Reserves Potential Were Discovered by the Company During Operations at the PVE-01 Well

The operations at the first well drilled by the company in the Potiguar Basin yielded positive results for the oil company.

According to Petro-Victory, in addition to the zones that produced oil during operations, three other zones showed potential for oil reserves.

The decision to test these three additional zones, as well as to increase the deliverability of Zones 1 and 2 through stimulation, will be made once the oil company completes all testing in the Potiguar Basin region.

“Discovering and flowing oil from the PVE-01 to the surface is a significant achievement for our team. We are excited about the additional production potential of the PVE-01 well and look forward to updating the market after the completion,” stated Richard F. Gonzalez, CEO of Petro-Victory.

This is another step taken by the company toward a prominent future in the Brazilian oil and gas market.

Following the discovery of oil in the PVE-01 well, Petro-Victory is preparing for the next steps in its exploration campaign in the Potiguar Basin.

Learn More About Petro-Victory

Petro-Victory Energy Corp. is involved in the acquisition, development, and production of crude oil and natural gas resources in Brazil. The company holds a 100% operational and working interest in 38 licenses, totaling 257,604 acres across 2 different producing basins in Brazil. Petro-Victory creates value for shareholders through disciplined investments in high-impact, low-risk assets.