Petro-Victory has acquired nineteen fields across two prolific oil-producing basins – the Barreirinhas Basin and Portiguar Basin.
As of December 31, 2020, total proved plus probable reserves of 2.827 MMBO and a before tax NPV10 value of US$90.386 million has been assigned to the company for the Andorinha, Carapitanga, and Sao Joao oil fields. This represents a 2P Net Asset Value of CAD$12.18 per share on an undiluted basis (9,214,020 shares outstanding). The reserves data set forth herein is based on an independent reserve assessment and evaluation prepared by GLJ Ltd. dated April 13, 2021 with an effective date of December 31, 2020.
Subsequent to the acquisition of the remaining 50% of the Sao Joao field, Petro-Victory's total proved plus probable reserves increased to 3.56 MMBO and a before tax NPV10 value of US$113.682 million or CAD$15.42 per share. The entirety of the Sao Joao field included within the reserve assessment and evaluation prepared by GLJ Ltd. dated April 13, 2021 with an effective date of December 31, 2020.
Net 1P Reserves of 1,579,000 BO with a PV10 valuation of US$49,614,000 or CAD$6.73 /share
Net 2P Reserves of 3,561,000 BO with a PV10 valuation of US$113,682,000 or CAD$15.42 /share
Net 3P Reserves of 4,901,000 BO with a PV10 valuation of US$155,841,000 or CAD$21.14 /share
|Basin||Acquired From||Field / Block||Working Interest||Acres||Status|
|Potiguar||ENGEPET||Alto Alegre||100%||1,315||Developed Non-Producing|
|Barreirinhas||ENGEPET||Sao Joao||100%||1,421||Developed Producing|
* Assets to close in Q3 2021
The Potiguar Basin is located in the most eastern portion of the northeast region of Brazil extending through the states of Rio Grande do Norte and Ceará. The onshore sedimentary area of the basin covers an area of 7.5 million acres and the basin extends offshore from shallow water to ultra-deep water. One thousand two hundred and eighty-two (1,282) exploration wells have been drilled in the basin (onshore and offshore) with over 1 billion barrels of oil produced onshore from >70 onshore oil fields. The first onshore discovery was made in 1979 and the majority of exploration wells were drilled between 1980-1990. Current daily oil production across the Potiguar Basin is 50,000 BOPD.
The Barreirinhas Basin is located on the Brazilian equatorial margin on the coast of the state of Maranhão and covers an area of approximately 2.5 million acres onshore and extends offshore from shallow water to ultra-deep water. Only 105 wells have been drilled in the basin, with no drilling activity since the 1980’s. There is only one oil discovery within the Barreirinhas Basin, the Petro-Victory field, São João.