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Petro-Victory Energy Corp. signs Memorandum of Understanding with Eneva for the development of non-associated gas resources in the São João field located in the state of Maranhão, Brazil
Petro-Victory Energy Corp. signs Memorandum of Understanding with Eneva for the development of no...
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[{"type":"text","content":"\n\n\n\n Petro-Victory Energy Corp. signs Memorandum of Understanding with Eneva for the development of non-associated gas resources in the São João field located in the state of Maranhão, 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 \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n CALGARY, AB\n \n\n ,\n \n\n Sept. 10, 2024\n \n\n /CNW/ - Petro-Victory Energy Corp. (\"\n \n Petro-Victory\n \n \" or the \"\n \n Company\n \n \") (TSXV: VRY) is pleased to announce that it has entered into a Memorandum of Understanding (\"\n \n MOU\n \n \") with Eneva for the development of Petro-Victory's non-associated gas resources located in the São João field, at the Barreirinhas basin, in the state of Maranhão (\"\n \n São João Field\n \n \").\n \n\n\n\n\n\n\n\n\n\n\n Highlights\n \n\n\n\n\n The São João Field non-associated gas reservoirs were discovered and tested by a previous operator and such resources are described in the GLJ reserve and resource report dated as of\n \n 12/31/2023\n \n with 50.1 billion cubic feet (1.4 billion cubic meters) of non-associated gas.\n \n\n The São João Field is 100% owned and operated by Petro-Victory.\n \n\n On\n \n September 5\n \n\n th\n \n , 2024, Petro-Victory signed an MOU with Eneva to develop the non-associated gas resources in the São João Field.\n \n\n Eneva is one of the largest Brazilian integrated energy operators and onshore LNG producer, with operations 250km (two hundred and fifty kilometers) from the São João Field.\n \n\n Eneva will perform and pay all costs related to the drilling, logging, completion and testing of one non-associated gas well, targeting the Bom Gosto/Arpoador formations, at an approximate depth of 3km (three kilometers) (\"Well Commitment\").\n \n\n Upon completion of the Well Commitment, Eneva will have an option to perform and pay all costs related to a 3D seismic data acquisition, processing, and interpretation program covering the entire São João Field (\"Seismic Commitment\").\n \n\n Upon completion of the Seismic Commitm...