Petro-Victory signs exclusivity agreement to acquire 13 oil-producing fields in Brazil

Petro-Victory Energy Corp. has announced the signature of an exclusivity agreement with Brava Energia S.A. for the potential acquisition of 13 oil-producing fields in Rio Grande do Norte, Potiguar Basin.

Petro-Victory together with Azevedo e Travassos Petróleo S.A. jointly signed an exclusivity agreement with Brava for the potential acquisition of two producing assets – Porto Carão Cluster and Barrinha Cluster.

The Porto Carão Cluster is located in the Potiguar onshore basin, in the state of Rio Grande do Norte, near the municipality of Guamaré, and comprises 4 concession contracts, covering 4 oil-producing fields.

The Barrinha Cluster is also located in the Potiguar onshore basin, in Rio Grande do Norte, near the municipality of Mossoró, and comprises 7 concession contracts, covering 9 oil-producing fields.

The agreement grants Petro-Victory exclusivity for the negotiation of the acquisition of these assets for an initial period of 30 days, starting from the date of its signing, which may be extended for a similar period, provided there is mutual and formal agreement between the parties.

Additional information, such as values, terms, and payment methods, will be communicated to the market in due course as negotiations progress.