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Petro-Victory Energy spuds target #2 at Lapacho
CALGARY , Sept. 8, 2014 /CNW/ - Petro-Victory Energy Corp. ("Petro-Victory" or the "Co...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n\n\n\n\nCALGARY, Sept. 8, 2014 /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSX-V: VRY)\n\nPetro-Victory Energy spuds target #2 at Lapacho\n\nPresident Energy PLC, the Operator of our exploration drilling campaign ongoing in Paraguay announced that the Lapacho well had spud ahead of schedule, on September 2nd.\n\nThe approximately 4600 meter well is expected to take 70 days to drill, targeting a 400 meter section predicted to contain Santa Rosa Formation reservoir sandstone, immediately underlying the Devonian source rock.  \n\nThe Lapacho prospect has been upgraded by the Operator and significantly de-risked, based on evaluation of the recent Jacaranda well results (drilled 15km to the NE). This potentially proves the existence of the \"live\" Middle and Lower Devonian source rock and sealing shale, that seismic indicates, overlies the Santa Rosa reservoir targeted by the Lapacho well.\n\nRichard Gonzalez, CEO of Petro-Victory commented:\n\n\"The technical knowledge the Operator has gained from the Jacaranda well analysis and subsequently shared with us, proves the existence of live Devonian source rock in the Pirity Basin and improves the risk profile of the Lapacho prospect considerably. After all, the Santa Rosa sandstone target, which both we and the Operator predict lies directly below a live Devonian source rock section at the Lapacho well site, is one of the most prolific gas-condensate reservoirs in neighboring Bolivia where such wells produce in excess of 100MMCFPD with very high associated condensate and NGLs. While we would have preferred to find commercial hydrocarbons by our target depth at Jacaranda, we are very pleased with the geological and petro-physical findings that now add significant confidence to our Lapacho prospect and additional wells, and may give us cause to deepen Jacaranda.  We are highly encouraged.\"\n\nAn independent prospective resource audit of the Lower Devonian structure found in the greater Lapacho prospect area, conducted by RPS Group PLC (www.RPSGroup.com) and dated June 1, 2014 (prior to benefit from the Jacaranda results), estimated substantial prospective resources of 1.126 Tcf of natural gas and 34MM bbls of condensate attributable to Petro-Victory's working interest share, in the mean case, unrisked scenario. Once proven, it is anticipated th...