Petro-Victory has acquired thirty eight blocks across two prolific oil-producing basins – the Barreirinhas Basin and Potiguar Basin.
As of December 31, 2021, total proved plus probable reserves of 4.52 MMBO and a before tax NPV10 value of US$178.7 million has been assigned to the company for the Andorinha, Alto Alegre, Trapia, and Sao Joao fields. This represents a 2P Net Asset Value of CAD$12.46 per share on an undiluted basis (17,929,139 shares outstanding). The reserves data is based on an independent reserve assessment and evaluation prepared by GLJ Ltd. dated April 21, 2022 with an effective date of December 31, 2021.
|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.