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Brazil: Petro-Victory Energy announces acquisition of three oil fields in the Espirito Santo Basin, Brazil

27 Nov 2019

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Petro-Victory Energy has acquired a 50% working interest in 3 onshore oil fields in the Espírito Santo Basin, Brazil for total consideration of USD 4,686,223. Petro-Victory has paid a 7.5% deposit of USD 702,933. The remaining balance of USD 3,983,290 is due upon approval by the Agencia Nacional do Petroleo Gas Natural e Biocombustiveis of Brazil ('ANP') which is expected by the close of H1 2020.

Petro-Victory completed the transaction in a partnership with Imetame Energia as a result of the successful contract negotiations within the ongoing Petrobras divestment process. Upon assignment and final approval from the ANP, Imetame will be the operator of the Lagoa Parda fields.

The acquisition includes the Lagoa Parda, the Lagoa Parda Norte, and the Lagoa Piabanha onshore production concessions (collectively referred to as 'Lagoa Parda Fields') in the State of Espírito Santo, Brazil. The Lagoa Parda Fields were discovered by Petrobras in 1978, 139 wells have been drilled and produced a total of 19 million barrels of oil ('BO') to date. Production in 2019 is expected to average 200 barrels of oil per day ('BOPD') from 4 wells.

Petro-Victory and Imetame will execute a work program to increase production to 580 BOPD in the first year of operations. The initial work program includes bringing online existing 29 wells which were suspended for mechanical reasons and no new drilling is required to achieve the 580 BOPD in the first year of full operations. Based upon the combined seismic data and Petrobras operational data, we believe that the Lagoa Parda Fields contain significant high-impact low-risk exploration and development drilling opportunities.

Richard F. Gonzalez, Chief Executive Officer of Petro-Victory commented:

'We are delighted to expand our successful partnership in the Espírito Santo basin with our operating partner, Imetame Energia. With the Lagoa Parda Field purchase, Petro-Victory and Imetame Energia now jointly hold a total of 8 licenses in a 50-50 partnership (ES-T-354, ES-T-373, ES-T-441, ES-T-487, ES-T-477, Lagoa Parda, Lagoa Parda Norte, and Lagoa Piabanha). The Lagoa Parda Fields significantly expand the Petro-Victory portfolio of oil producing assets in the Espírito Santo Basin, accelerating our growth in onshore production, cash flow, and profitability.'

Original article link

Source: Petro-Victory Energy

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