Business
Petro-Victory Energy Corp Signs Drilling Rig Contract for 2022 Multi-Well Program
Petro-Victory Energy Corp Signs Drilling Rig Contract for 2022 Multi-Well Program ...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory Energy Corp Signs Drilling Rig Contract for 2022 Multi-Well Program\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 \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 \n \n CALGARY, AB\n \n \n ,\n \n \n April 4, 2022\n \n \n /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSXV: VRY) is pleased to announce the signing of a drilling and workover rig contract for its multi-well program, with mobilization and drilling of the first well of the 2022 program to commence in late Q2 2022.\n \n \n Highlights\n \n \n \n Company has signed an exclusive 8-month rig contract with Mapeen Engenharia e Manutenção for the provision of the MAPEEN-01 drilling rig;\n \n \n MAPEEN-01 is a 1000 horsepower rotary drilling rig with the use of top drive and is capable of drilling down to at least\n \n 1800m\n \n ;\n \n \n MAPEEN-01 rig provides Petro-Victory with required flexibility as the rig can be configured for both drilling and workovers;\n \n \n Contract includes a flexible day-rate depending on rig use for drilling or workovers, significantly improving cost and operational flexibility;\n \n \n Initial 8-month contract period to commence on mobilization of the MAPEEN-01 rig to the first well location (PVE-01); and\n \n \n Rig will be used for drilling and testing of 4 new wells at the Andorinha field before executing a workover program on the Trapia and São João fields.\n \n \n \n Rig Contract\n \n \n The Company has concluded its competitive tendering process and executed an agreement with Mapeen Engenharia e Manutenção for the provision of the MAPEEN-01 rig to execute its multi-well development well and workover program in 2022 with rig mobilization expected in early H2 2022 for an 8-month period.\n \n \n To maximize efficiency of the drilling camp...