Petro-Victory Energy Corp has announced the commencement of its previously disclosed well commitment under the Memorandum of Understanding ('MOU') previously announced to the market, marked by the start of drilling on the SJ-12 well at the São João Field in the Barreirinhas Basin, Maranhão, Brazil.
Highlights
- The SJ-12 well forms part of the single non-associated gas well commitment described in the MOU.
- The GLJ reserve and resource report dated 12/31/2024 includes volumes of 50.1 billion cubic feet (1.4 billion cubic meters) of non-associated gas in the São João Field.
- The São João Field is 100% owned and operated by Petro-Victory.
Completion of drilling and testing at SJ-12 is expected to confirm the deliverability necessary to advance initial gas commercialization initiatives in the region, including arrangements that serve regional industrial and power demand, as well as other market-based solutions appropriate for non-associated gas developments of this scale.
The São João Field contains non-associated gas resources that were previously discovered and tested by a former operator and are described in an independent GLJ reserve and resource report dated December 31, 2024 as Best Estimate Development Pending Contingent Resources with Risked Volumes of 50.1 billion cubic feet (1.4 billion cubic meters). The field is wholly owned and operated by Petro-Victory.
All activities carried out in the São João Field remain subject to applicable regulatory approvals, when required.
Source: Petro-Victory Energy
