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Highlights
Petro-Victory Energy completes drilling at AND-5 well in Brazil's Potiguar Basin
Agreement reached with Azevedo & Travassos Energia for business combination
Ongoing expansion across Rio Grande do Norte and Maranhão basins with multiple concessions
Petro-Victory Energy Corp. (TSX:VRY) operates in the oil and gas sector, with a distinct focus on onshore energy development. As part of the Tsx Venture Composite Index, the company has concentrated its exploration and production initiatives in Brazil, primarily within the Rio Grande do Norte and Maranhão regions. Since entering the Brazilian market, it has expanded its asset base through strategic concession acquisitions.
Extensive Asset Base Across Key Brazilian Basins
Petro-Victory currently holds a broad portfolio of energy assets including multiple fields in production and exploration blocks across the Potiguar and Barreirinhas basins. This includes active operations in both producing and pre-development assets. Among these holdings, four fields and two blocks have been qualified with certified reserves, reinforcing the long-term viability of its onshore strategy.
Successful Completion of Drilling at AND-5 Well
The company announced the successful conclusion of drilling operations at the AND-5 well, located within the Andorinha Field in the Potiguar Basin. Drilling commenced in late June and was finalized in early July, reaching through key geological layers. The project utilized the Drake-2 onshore drilling rig, supported by wireline logging services from Halliburton. Following completion, a production casing was installed, moving the well into the next phase of operational development.
AND-5 Marks Launch of Multi-Well Program
The AND-5 drilling marks the first of a two-well program, which is fully funded and aimed at increasing production in the Andorinha Field. This initiative represents a broader approach to advancing output from existing fields while supporting exploration across undeveloped concessions. The strategy is focused on systematic development and efficiency improvements across the operational footprint in Rio Grande do Norte.
Strategic Business Combination with Azevedo & Travassos Energia
On July 4, Petro-Victory Energy confirmed a definitive agreement with Brazil-based Azevedo & Travassos Energia. This agreement outlines a business combination in which all outstanding shares of Petro-Victory would be acquired. Following the deal’s completion, Petro-Victory is expected to operate as a fully integrated subsidiary under the ATE brand, with shareholders of Petro-Victory receiving equity in the acquiring company.
Operational Realignment and Domestic Integration
This merger is aligned with Petro-Victory’s ongoing efforts to strengthen its position in Brazil’s domestic energy market. The realignment is expected to support enhanced coordination and resource optimization, as the combined entity will focus on integrated operations across key basins. The transaction represents a significant milestone in Petro-Victory’s development timeline, transitioning its governance structure to a Brazilian-led framework.
Ongoing Expansion Across Concessions
In addition to its producing assets, Petro-Victory maintains a broad network of exploration blocks. These assets, particularly in the Potiguar Basin, present geological interest and align with the company’s development strategy focused on organic growth through field advancements and drilling campaigns.
