Petro-Victory Vitality Corp. has signed an exclusivity settlement with Brava Energia S.A. for the potential acquisition of 13 oil-producing fields in Rio Grande do Norte, positioned within the Potiguar Basin of Brazil.
The fields are positioned in two producing property: the Porto Carão Cluster and the Barrinha Cluster, in response to a information launch from the corporate.
The Porto Carão Cluster is positioned within the Potiguar onshore basin, within the state of Rio Grande do Norte, close to the municipality of Guamaré. It includes 4 concession contracts that cowl 4 oil-producing fields. The Barrinha Cluster can be positioned within the Potiguar onshore basin, in Rio Grande do Norte, close to the municipality of Mossoró. It includes seven concession contracts that cowl 9 oil-producing fields.
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The settlement grants Petro-Victory exclusivity for the negotiation of the acquisition of the property for an preliminary interval of 30 days, ranging from the date of its signing on December 17, which can be prolonged for the same interval, supplied there’s a mutual and formal settlement between the events.
Sao Joao Improvement
In the meantime, Petro-Victory entered right into a memorandum of understanding (MOU) with Eneva for the event of Petro-Victory’s non-associated gasoline sources positioned within the São João area, on the Barreirinhas basin, within the state of Maranhão.
The São João Subject non-associated gasoline reservoirs had been found and examined by a earlier operator. The property had been reported as having 50.1 billion cubic ft (1.4 billion cubic meters) of non-associated gasoline. The sector is 100% owned and operated by Petro-Victory.
Brazilian built-in power operator and liquefied pure gasoline (LNG) producer Eneva will carry out and pay all prices associated to the drilling, logging, completion and testing of 1 non-associated gasoline effectively, focusing on the Bom Gosto/Arpoador formations, at an approximate depth of three kilometers.
Upon completion of the effectively dedication, Eneva can have an choice to carry out and pay all prices associated to a 3D seismic information acquisition, processing, and interpretation program masking your complete São João Subject, in response to the MOU.
Upon completion of the seismic dedication, Eneva can have the choice to determine a three way partnership firm (JV) with Petro-Victory to develop the non-associated gasoline and agree on a unified gasoline monetization answer. Eneva will retain a 72 p.c participation curiosity within the JV, whereas Petro-Victory will retain 28 p.c curiosity within the JV. The JV construction will be certain that Petro-Victory retains 100% of the revenues from oil manufacturing, it said.
All actions to be carried out within the São João Subject, beneath the MOU, and the institution of the JV shall be topic to the approval of the Nationwide Petroleum Company, when relevant, Petro-Victory famous.
Petro-Victory CEO Richard Gonzalez mentioned, “We’re thrilled to announce this strategic collaboration with Eneva, a pioneer within the reservoir-to-wire enterprise mannequin in Brazil. This Memorandum of Understanding marks a major milestone for Petro-Victory as we transfer ahead in exploiting and commercializing the non-associated gasoline sources of our São João area. The collaboration with Eneva not solely underscores the potential of the São João area but additionally aligns with our dedication to unlocking worth for our stakeholders by means of revolutionary and sustainable power options. We stay up for working intently with Eneva to develop a unified gasoline monetization technique at our São João Subject”.
Petro Victory is engaged within the acquisition, improvement, and manufacturing of crude oil and pure gasoline sources in Brazil. The corporate holds 100% working and dealing pursuits in 38 licenses totaling 257,604 acres in two completely different producing basins in Brazil.
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