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Petro-Victory Energy Corp Announces GALP-06 Well Results
Petro-Victory Energy Corp Announces GALP-06 Well Results Canada NewsWire ...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory Energy Corp Announces GALP-06 Well Results\n \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 Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n July 29, 2022\n \n \n /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSXV: VRY) announces the results of the first well of its 2022 drilling program in\n \n Brazil\n \n .\n \n \n \n \n \n \n \n \n \n The Company commenced operations at the GALP-06 well within the 100% working interest Andorinha production concession in the Potiguar Basin,\n \n Northeast Brazil\n \n , on 20\n \n th\n \n \n June 2022\n \n , using the MAPEEN-01 drilling rig. The GALP-06 well is located approximately 3km SW from the producing oil wells at Andorinha and targeted a separate structural closure from the accumulations found at the main Andorinha field.\n \n \n The well was successfully drilled and cased down to\n \n 1272m\n \n . Conventional wireline logging tools identified\n \n 13m\n \n of potential net pay across seven Cretaceous aged sandstone reservoirs from depths of\n \n 1130m\n \n to\n \n 1230m\n \n . Five of the seven zones were isolated for individual testing and reservoir fluid identification. While two reservoir intervals recovered oil to surface, and one reservoir recovered gas to surface, none of the five individual tests yielded a commercial discovery of hydrocarbons.\n \n \n The GALP-06 well is now in the process of being suspended, allowing for the potential to re-enter and resume testing at a later date should Petro-Victory management decide to return to the well in the future.\n \n \n While final costs for the well are being calculated, the Company estimates that the well was drilled for 25% less than the original well AFE. These cost savings, achieved through operational efficiency, are very encouraging and have a positive read through for the remainder of the 2022 drilling campaign.\n \n \n On completion of the GALP-06 well suspension, the MAPEEN-01 drilling rig will undergo an estimated two weeks of maintenance before mobilizing to the PVE-01 development w...