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Petro-Victory Energy Corp Announces Drilling of VIDA Well and Operational Update
Petro-Victory Energy Corp Announces Drilling of VIDA Well and Operational Update C...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n\n\n\nPetro-Victory Energy Corp Announces Drilling of VIDA Well and Operational Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 30, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS/\n CALGARY, March 30, 2020 /CNW/ - Petro-Victory Energy Corp. (TSX-V: VRY) (\"Petro-Victory\" or \"Company\") is pleased to provide the market with a drilling and operational update across the Company's portfolio of assets in Brazil. \n\n \n \n \n \n \n \n\n \nExploration Well (Vida) Currently Drilling\nThe Company is pleased to announce that it commenced the drilling of the 1-VID-1-ES (Vida) exploration well located in Block ES-T-487 Espírito Santo Basin, Brazil. The wholly owned Petro-Victory Energy subsidiary, Petro-Victory Energia, Ltda., has a 50% working interest in the block following the acquisition of five (5) exploration concessions located in Espirito Santo, previously announced October 26, 2018. Imetame Energia, Ltda. is 50% working interest partner and operator in the project.\nThe Vida well will be drilled to a total depth of 1,800m and will target prospective sandstone reservoirs in the São Mateus Formation. Petro-Victory internal mapping and volumetrics estimate the mean recoverable resources of the Vida prospect to be 855,000 BO. Over 2.5MMBO of prospective resources are mapped within the proximity of Vida.  Upon reaching total depth of 1,800 meters, the Vida well will be suspended, and the drilling rig will be demobilized in order to move in a workover rig to test the well. \nPreliminary results of the Vida well are expected within the next thirty days. On reaching total depth, Petro-Victory will obtain wireline and pressure/fluid samples over the target intervals. The AFE of the Vida well is US$1.86MM (US$0.93MM net to the Company) and will be funded from the Company's previously announced financing facilities.  Upon ...