Petro-Victory Drills Galp-06 Well and Starts Oil Exploration in Andorinha Field, Potiguar Basin

After Drilling the Well Named Galp-06, in the Andorinha Field, the Oil and Gas Company Petro-Victory Started Oil Exploration in the Potiguar Basin and Will Continue Fuel Production in the Region for Growth in Brazil.

The oil and gas company Petro-Victory announced this Thursday, (06/23), the start of an exploratory campaign in the Andorinha field, located in the Potiguar Basin, in the state of Rio Grande do Norte. The new campaign was initiated with the drilling of the well Galp-06, and thus the company now takes new steps to expand its oil exploration in the national territory, with strong prospects for future business in the segment.

Exploration of the Potiguar Basin by the Oil Company Petro-Victory Is Initiated with the Drilling of Well Galp-06, Located in the Andorinha Field 

The oil and gas company Petro-Victory took another step to expand its presence in the segment in the Brazilian market and announced the start of its new oil exploration campaign, this time in the Potiguar Basin, located in the state of Rio Grande do Norte. Thus, the company utilized the services of the land rig Mapeen-01 to drill the well Galp-06, located 2.5 kilometers from the oil-producing wells and hydrocarbon discoveries in the Andorinha field.

This operation marked the beginning of new fuel exploration in the region and, according to the company, the drilling of the well will involve reaching a total depth of 1,250 meters, performing activities of profiling, casing, and cementing.

Moreover, Petro-Victory will use the exploration site to conduct new tests over the next 30 days, as it seeks a current focus on hydrocarbons at depths between 1,130 meters and 1,230 meters in the well, and intends to verify the existence of product reserves in the Potiguar Basin area. 

Additionally, besides the initial rig for drilling the new oil well in the Potiguar Basin, the oil and gas company stated that it has also contracted a second rig to drill the upper sections of three additional new wells (PVE-01, PVE-02, PVE-03).

All will be drilled to a depth of 350 meters and are located in the Andorinha Field, where the company is now looking to invest its efforts. Thus, the company has already begun the initial drilling of the first well for oil exploration and will now start drilling at 350 meters, up to a total depth of 1,250 meters.

Petro-Victory Aims to Continue Drilling Wells in the Potiguar Basin to Expand Its Oil Exploration and Production in the National Market 

Petro-Victory commented on its plans for the national oil and gas market and stated that, with the drilling and future oil exploration in the wells Galp-06, PVE-01, PVE-02, and PVE-03, all located in the Potiguar Basin, it aims to expand its 2P reserves by 483 thousand barrels of oil, with a net present value of US$ 22.1 million. Thus, the company will be able to take new directions in the Brazilian oil and natural gas market. 

In addition, the company’s CEO, Richard F. Gonzalez, highlighted: “The Petro-Victory team has worked diligently over the past six years to acquire a portfolio of assets in two prolific oil-producing basins and develop a technical work program that should provide significant returns to our investors. Initiating our work program after years of investment is a monumental turning point in the history of our company, and we look forward to sharing our success with shareholders.”

Now, Petro-Victory awaits the testing and verification phase in the Galp-06 pole area over the next 30 days for future planning regarding oil exploration in the Potiguar Basin region, but remains optimistic about the expected results.