License Portfolio

Petro-Victory has acquired thirty eight blocks across two prolific oil-producing basins – the Barreirinhas Basin and Potiguar Basin.

As of December 31, 2023, total proved plus probable reserves of 6.93MMBO and a before tax NPV10 value of US$ 257.7 milion has been assigned to the company for the Andorinha, Alto Alegre, Trapiá and São João fields and for the Blocks 391 and 281. This represents a 2P Net Asset Value of CAD 17.97 on an undiluted basis (18,635,922 Shares outstanding). The reserves data is based on an independent reserve assessment and evaluation prepared by GLJ Ltd. Dated April 25, 2024 with an effective date of December 31, 2023.

PetroVictory Portfolio Montage

December 2023 – Reserve Report Highlights (Including 100% of São João)

  • Proved Reserves (“1P”), Proved Plus Probable Reserves (“2P”), and Proved Plus Probable Plus Possible Reserves (“3P”) were calculated for four (6) of the Company’s thirty eight (41) oil blocks.

  • Net 1P Reserves of 3,207,000 Barrels of Oil with a NPV10 Valuation of CAD$169,605,500 (USD$130,465 M) or CAD$9.10/share.

  • Net 2P Reserves of 3,228,000 Barrels of Oil with a NPV10 Valuation of CAD$334,990,500 (USD$257,685,000) or CAD$17.97/share.

  • Net 3P Reserves of 9,470,000 Barrels of Oil with a PV10 Valuation of CAD$479,018,000 (USD$368,476,000) or CAD$25.70/share.

Portfolio Summary

Basin Acquired From Field / Block Working Interest Acres Status
Potiguar ENGEPET Andorinha 100% 9,884 Developed Producing
Potiguar ENGEPET Alto Alegre 100% 1,315 Developed Non-Producing
Barreirinhas ENGEPET Sao Joao 100% 1,421 Developed Producing
Potiguar ANP Trapia 100% 6,178 Developed Non-Producing
Potiguar ANP POT-T-392 100% 7,933 Exploration
Potiguar ANP POT-T-432 100% 7,244 Exploration
Potiguar ANP POT-T-433* 100% 7,846 Exploration
Potiguar ANP POT-T-434 100% 7,889 Exploration
Potiguar ANP POT-T-476* 100% 10,339 Exploration
Potiguar ANP POT-T-477 100% 7,887 Exploration
Potiguar ANP POT-T-478 100% 3,521 Exploration
Potiguar ANP POT-T-519 100% 6,995 Exploration
Potiguar ANP POT-T-521 100% 5,605 Exploration
Potiguar ANP POT-T-564 100% 7,950 Exploration
Potiguar ANP POT-T-566 100% 5,949 Exploration
Potiguar ANP POT-T-606* 100% 7,909 Exploration
Potiguar ANP POT-T-650 100% 7,887 Exploration
Potiguar ANP POT-T-651* 100% 7,887 Exploration
Potiguar ANP POT-T-652* 100% 7,887 Exploration
* Assets to close in Q3 2021

Potiguar Basin

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.

Barreirinhas Basin

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.