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Petro-Victory Energy Corp Receives Development Drilling Permits and Advances Drilling Program in Brazil
Petro-Victory Energy Corp Receives Development Drilling Permits and Advances Drilling Pro...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory Energy Corp Receives Development Drilling Permits and Advances Drilling Program in Brazil\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n . ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS/\n \n \n \n \n CALGARY, AB\n \n ,\n \n March 23, 2022\n \n /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSXV: VRY) is pleased to provide an operational update on the status of activity on its portfolio onshore\n \n Brazil\n \n . Following completion of the Company's recent private placement, environmental drilling permits have been secured for a total of 6 development wells from\n \n Brazil's\n \n Environmental Agency, Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováveis (IBAMA). Securing the necessary environmental permits significantly progresses readiness for the planned 2022 program of 4 wells and additional workovers at Trapia and São João and provides further optionality for future drilling.\n \n \n \n Highlights\n \n \n \n \n Environmental permits secured for 6 drilling locations at Andorinha field, onshore\n \n Brazil\n \n ;\n \n \n Company in advanced negotiations for a drilling rig contractor to secure a rig to be used for drilling and testing of 4 new wells at Andorinha and workovers at Trapia and São João;\n \n \n Well program at Andorinha targeting proved plus probable reserves of 485,000 barrels of oil and c.\n \n US$16 million\n \n of NPV10 value as identified in the Company's 2020 Reserve Report; and\n \n \n Drilling rig contract to run for the remainder of 2022 with options to extend.\n \n \n \n \n Environmental Permits\n \n \n \n The Company has secured drilling permits for 6 development wells at its Andorinha field in the Potiguar Basin, onshore\n \n Brazil\n \n . The permits cover the first 3 wells planned for the 2022 dr...