Annuncio • Jun 23
Petro-Victory Energy Corp., Annual General Meeting, Jul 30, 2026 Petro-Victory Energy Corp., Annual General Meeting, Jul 30, 2026. Annuncio • Mar 03
Petro-Victory Energy Corp Begins Drilling Sj-12 Well At Sao Joao Field, Brazil Petro-Victory Energy Corp. 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 Sao Joao Field in the Barreirinhas Basin, Maranhao, Brazil. 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 Sao Joao Field. The Sao Joao 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 Sao Joao 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 square feet (1.4 billion square meters). The field is wholly owned and operated by Petro- Victorory. All activities carried out in the Sao Joao Field remain subject to applicable regulatory approvals, when required. Annuncio • Dec 02
Petro-Victory Energy Corp. announced that it has received $0.125 million in funding On December 1, 2025, Petro-Victory Energy Corp. closed the transaction. The company issued 117,142 Class A common shares at a price of $1.06708 (CAD 1.5) for the proceeds of $124,999.88536 (CAD175,713). The Common Shares issued in the Offering are subject to a statutory hold period of four months from the date of issuance expiring on March 29, 2026 in accordance with applicable Canadian securities legislation. The Offering is subject to the final acceptance of the TSX Venture Exchange ("TSXV"). Annuncio • Nov 26
Petro-Victory Energy Corp. Announces Resignation of Charles H. "Chuck" Cotter as Director Petro-Victory Energy Corp. announced that Charles H. "Chuck" Cotter has resigned from its Board of Directors to focus on his new role as Chief Executive Officer of Kerplunk. Mr. Cotter has been a valued director and continues to be a significant investor since October 2018. Annuncio • Nov 25
Petro-Victory Energy Corp. announced that it expects to receive $0.124999 million in funding Petro-Victory Energy Corp announced a non-brokered private placement to issue 117,924 common shares at an issue price of $1.06 (CAD 1.5) for the proceeds of $124,999.44 on November 24, 2025. The closing of the Offering is anticipated to occur on or about November 28, 2025 and is subject to closing conditions customary for offerings of this nature, including receipt by the Company of TSX Venture Exchange ("TSXV") acceptance. Annuncio • Oct 01
Petro-Victory Energy Corp. announced that it has received $2.298129 million in funding On September 30, 2025, the Petro-Victory Energy Corp closed the transaction. The Common Shares issued in the Offering are subject to a statutory hold period of four months from the date of issuance expiring on January 31, 2026. Transaction is subject to stock exchange approval. Annuncio • Sep 19
Petro-Victory Energy Corp. announced that it expects to receive $2.299999 million in funding Petro-Victory Energy Corp. announced a non-brokered private placement to issue 2,110,091 common shares at an issue price of $1.09 for gross proceeds of $2,299,999.19 on September 18, 2025. The closing of the offering is anticipated to occur on or about September 26, 2025 and is subject to closing conditions customary for offerings of this nature, including receipt by the company of TSX Venture Exchange acceptance. Annuncio • Jul 10
Petro-Victory Energy Corp. Provides Update on the Conclusion of Drilling the Andorinha Field, Potiguar Basin, Rio Grande Do Norte Petro-Victory Energy Corp. announced that the drilling operations for the AND-5 well, in partnership with Azevedo & Travassos Energia ("ATE"), located in the Andorinha Field, Potiguar Basin, Rio Grande do Norte, were successfully concluded. Highlights. Drilling Operations: Drilling began on June 25 and concluded on July 5, reaching a total depth of 1,165 meters through sedimentary and basement rock layers. Technical Execution: The operation utilized the Drake-2 onshore hydraulic rig, with wireline logging by Halliburton and successful installation of 7" nominal production casing. Reservoir Findings: Petrophysical analysis identified 13 meters of net pay across four oil-bearing intervals using a 3,500-ppm salinity cut-off. Next steps: The Company will mobilize a completion rig for special saturation logging, followed by well testing, completion, and tie-in to the Andorinha Collection Station. AND-5 Well Drilling Update. Drilling commenced on June 25th, progressing through sedimentary rock sections, and was concluded in basement rock on July 5th at a final total depth of 1, 165 meters. Subsequently, wireline logging operations were performed, followed by the running of the 7" nominal production casing to final depth. The operation was carried out using the Drake-2 onshoreulic drilling rig, with logging services provided by Halliburton. Based on conventional petrophysical evaluation, applying a salinity cut-off of 3,500 ppm, 13 meters of net pay was identified, distributed across four oil-bearing intervals. The technical team is continuing detailed analysis of the acquired logs and associated data. In the next operational phase, mobilization of an onshore completion rig is planned, with the objective of acquiring special saturation logs to more accurately characterize the productive intervals. Subsequently, well testing and completion operations will be carried out to prepare the well for production, followed by tie-in to the AndORinha Collection Station. Annuncio • Jul 06
Azevedo & Travassos Energia S.A. (BOVESPA:AZTE3) signed a binding memorandum of understanding to acquire Petro-Victory Energy Corp. (TSXV:VRY). Azevedo & Travassos Energia S.A. (BOVESPA:AZTE3) signed a binding memorandum of understanding to acquire Petro-Victory Energy Corp. (TSXV:VRY) on July 2, 2025. The consideration consists of common equity of Azevedo & Travassos Energia S.A. to be issued for common equity of Petro-Victory Energy Corp. Petro-Victory Energy shareholders of record at closing will also be entitled to receive certain contingent payments in connection with certain existing partnerships between the Company and its affiliates with third parties. Azevedo & Travassos Energia will issue 266,000,000 as part of consideration. In addition, ATE will assume all outstanding debt of the Company with the estimated enterprise value of the Transaction being approximately $39.5 million including net debt and before considering any valuation for contingent payments
The transaction is subject to completion of the Capital Increase, parties entering into a definitive agreement, shareholder approval, the obtaining by both the Petro-Victory and ATE of all corporate and governmental approvals applicable to their respective jurisdictions, the obtaining by both the Petro-Victory and ATE of any consents from third parties of financial institutions, as applicable, and the completion of an audit by both the Petro-Victory and ATE of any and all information relevant to the performance of financial, legal, operational, environmental, accounting and regulatory audits. Annuncio • Jun 24
Petro-Victory Energy Corp. Announces the Commencement of the Fully-Funded Drilling Campaign in the Potiguar Basin Petro-Victory Energy Corp. announced the commencement of the drilling campaign of the AND-5 well at the Andorinha Field located in the Potiguar Basin, Rio Grande do Norte, Brazil. The AND-5 well drilling campaign, located in the 100% owned Andorinha Field in Brazil's Potiguar Basin, commenced on June 20, 2025. The well represents the first of two fully-funded drilling programs in the Andorinha field under Petro-Victory's strategic partnership with Azevedo & Travassos Energia previously announced in a press release on June 24th, 2024. The well targets the Acu and Alagamar formations at a targeted total depth of approximately 1,177 meters. The Company looks forward to providing further updates upon completion of the well. Annuncio • Jun 12
Petro-Victory Energy Corp. announced that it has received $0.35 million in funding Petro-Victory Energy Corp. announced that it has borrowed an aggregate of US$350,000 and issued unsecured promissory notes to Thomas Cooper on June 11, 2025. The Loans have a term of one year and bear interest at an annual rate of 14% per annum until maturity and 18% per annum thereafter. Annuncio • May 05
Petro-Victory Energy Corp., Annual General Meeting, Jun 30, 2025 Petro-Victory Energy Corp., Annual General Meeting, Jun 30, 2025. Annuncio • Mar 07
Petro-Victory Energy Corp. (TSXV:VRY) and Blueoak Investments Asset Ltda signed a sale and purchase agreement to acquire Capixaba Energia LTDA for approximately BRL 110 million. Petro-Victory Energy Corp. (TSXV:VRY) and Blueoak Investments Asset Ltda signed a sale and purchase agreement to acquire Capixaba Energia LTDA for approximately BRL 110 million on February 28, 2025. Total consideration BRL 105 million is including earn-outs. The transaction is funded by BlueOak and future cash flows. The expected completion of the transaction is April 1, 2025 to June 30, 2025. Annuncio • Dec 18
Petro-Victory Energy Corp. (TSXV:VRY) agreed to acquire 13 oil-producing fields in Rio Grande do Norte, Potiguar Basin. from Brava Energia S.A. (BOVESPA:BRAV3). Petro-Victory Energy Corp. (TSXV:VRY) agreed to acquire 13 oil-producing fields in Rio Grande do Norte, Potiguar Basin. from Brava Energia S.A. (BOVESPA:BRAV3) on December 17, 2024 Annuncio • Jun 24
Petro-Victory Energy Corp. Announces Partnership with Azevedo Travassos Petroleo S/A to Develop Andorinha Field and Block POT-T-281 in Brazil's Potiguar Basin Petro-Victory Energy Corp. announced that it has entered into a definitive option agreement and assignment of interest with Azevedo Travassos Petroleo S/A ("ATP") is a Brazilian company engaged in the exploration and production of crude oil and natural gas. ATP started its operations in the Potiguar Basin in 1984, becoming the first Brazilian private company to explore oil and gas in the region. Currently, ATP enhances its portfolio of oil and natural gas production assets through M&A operations, acquisition of third-party fields, and operational partnerships. Its parent company, Azevedo & Travassos S/A, is listed on the Brazilian Stock Exchange, trading its shares under the tickers AZEV3 and AZEV4. ATP will pay 100% of the work program, which initially consists of drilling and completing the AND-4 and AND-5 wells in the Andorinha field and a workover in the CR-2 well located in the POT-T-281 block. ATP will receive 75% (seventy-five percent), Petro-Victory will receive 25% (twenty-five%) of the net income generated by the production of these wells, until the CAPEX for the work program provided by ATP is fully recovered. Thereafter, the net income generate by the production of these wells will be split 50% to each company. Petro-Victory remains operator of the Andorinha field, and the POT-T-28 block. ATP may, at its sole discretion, offer its engineering services, construction and assembly of oil production facilities and well drilling, completion and maintenance services. The agreement also establishes the commitment to hire a third-party independent engineering firm to certify the reserves of the AndorinHA field and the POT-T -281 block after the completion of the work program. ATP will have an option to buy 50% of both assets at a pre-determined price of USD 10.00 per barrel of proven reserves (1P) and USD4.00 per barrel of probable reserves. This option must be exercised within 9 (nine) months from today's date, provided that this period is sufficient to finalize the new reserve report after the completion of the work programs. The partnership between Petro-Victory and ATP creates potential for growth and further developments with the aim of extending market reach and capturing new synergies between the two companies and their operating assets. Actual results achieved will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The above summary of assumptions and risks related to forward-looking statements in this press release has been provided in order to provide shareholders and potential investors with a more complete perspective on Petro Victory's current and future operations, and such information may not be appropriate for other purposes. There is no representation by Petro Victory that actual results achieved will be the same in whole or in part as those referenced in the forward-looking statements, and Petro Victory does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law. Annuncio • May 05
Petro-Victory Energy Corp., Annual General Meeting, Jun 20, 2024 Petro-Victory Energy Corp., Annual General Meeting, Jun 20, 2024. Annuncio • Apr 04
Petro-Victory Energy Corp. Provides Update on San Joao Field Located in Northeast Brazil in the Barreirinhas Basin in Maranhao, Brazil Petro-Victory Energy Corp. provided an update on the workover campaign to increase oil production in the 100% owned Sao Joao field in the Barreirinhas Basin in Maranhao, Brazil. Highlights. SJ-06 well successfully completed adding additional 8.3 meters of oil pay in the Tutoia formation. SJ-06 well tested at rate of 228 barrels of oil per day during initial 35-hour test. SJ-06 Well. On February 27th, 2024, the SPT-129 workover rig mobilized from the SJ-01 well to the SJ-06 well with a workover program designed to open an additional 12.4 meters across 3 zones in the Tutoia formation". The SJ-06 well now has 15.2 meters of oil pay zones open in the Tutia formation. The open zones are clean sandstones exhibiting 19% average porosity. Specific data for the initial production from the SJ-06 well is as follows: During the initial 35-hour test period, the well surged to a rate of up to 930 barrels of oil per day for a 3-hour period. The SJ-06 well averaged 228 barrels of oil per day during the initial 35-hour test period. Oil from the Tutoia formation is a light crude oil with an API gravity of 40.9°. The SJ-06 well has total proved ("1P") reserves of 69 thousand barrels of oil and total proved plus probable ("2P") reserves of 134 thousand barrels of oil. The team continues to monitor well pressure, recovery of the completion fluid, and associated gas levels. Initial production results are not necessarily indicative of long-term performance or ultimate recovery. Annuncio • Feb 29
Petro-Victory Energy Corp. announced that it has received CAD 3.61605 million in funding On February 28, 2024, Petro-Victory Energy Corp. closed the transaction. The company issued 1,205,350 units at an issue price of CAD 3 per unit for gross proceeds of CAD 3,616,050. The transaction included participation from insiders of the Company for 33,750 Units. The TSX Venture Exchange has accepted for filing documentation with respect to anon-brokered private placement. The transaction included participation from 12 placees and 1 insider with total existing insider involvement of 33,750 shares. Annuncio • Jan 25
Petro-Victory Energy Corp. Announces the Arrival of the Spt-129 Workover Rig from Braserv Petroleo Ltda At the Sao Joao Field Petro-Victory Energy Corp. announced the arrival of the SPT-129 workover rig from BRASERV PETROLEO LTDA (Braserv) at the Sao Joao field (the Field), ahead of schedule. The workover program, which targets new oil production from fourteen (14) additional zones in three (3) producing wells, has commenced January 25, 2024. Highlights. The Field has total proved plus probable ("2P") oil reserves of 1.9 million barrels of oil with a NPV10 valuation of USD 73.5 million. The workover program will test new zones as follows: SJ-11 Well: 21.8m across 6 zones, SJ-01 Well: 32.2m across 5 zones, SJ-06 Well: 12.4m across 3 zones. As announced on January 17th, 2024, the Company has contracted Braserv SPT-129 workover rigs. The rig arrived on location ahead of schedule on January 24th, 2024. As of December 31, 2022 effective date of most recent reserve evaluation by GLJ Ltd., the Field has total proved plus probable (2P) oil reserves of 1.9m barrels of oil with a NP V10 valuation of USD73.5 million. The work over program has commenced January 25, 2024, beginning first with the SJ-11 well and then continuing to the SJ-01 well and subsequently to the SJ-06 well. Annuncio • Jan 17
Petro-Victory Energy Corp. Mobilizes Workover Rig to its 100% Owned São João Field Located in Northeast Brazil Petro-Victory Energy Corp. announced the mobilization of SPT-129 workover rig from BRASERV PETRÓLEO LTDA ("Braserv") to the São João field (the "Field"). The workover program targets new oil production from fourteen (14) additional zones in three (3) producing wells (SJ-11, SJ-01, SJ-06). The Company holds 100% working and operating interest in the Field. As of the December 31, 2022 effective date of Petro-Victory's most recent reserves evaluation by GLJ Ltd., the Field has 2P oil reserves of 1.9 million barrels of oil with a NPV10 valuation of USD 73.5 million with more than 0.895 million barrels of oil (2P reserves) in the three wells being targeted. The workover program will test new zones as follows: SJ-11 Well: 21.8m across 6 zones; SJ-01 Well: 32.2m across 5 zones; and SJ-06 Well: 12.4m across 3 zones. Throughout the year, the Company has expanded the production facilities and storage capacity to ensure the Company is well prepared for the increased production which will come from the workover program. Braserv is a Brazilian company highly specialized in onshore completion and workover services and has been in operation since 2009 with more than one thousand (1,000) employees, twenty-five (25) rigs in Brazil and fifteen (15) in Colombia. The SPT-129 rig is a modern built rig recently renovated and is on its way to the São João oil and gas field in the Barreirinhas basin in the state of Maranhão, Brazil. The rig is scheduled to arrive by January 25, 2024. Annuncio • Dec 20
Petro-Victory Energy Corp. announced that it expects to receive CAD 1.359999 million in funding Petro-Victory Energy Corp announced a non-brokered private placement offering of up to 453,333 units at a price of CAD 3 per Unit for gross proceeds of up to CAD 1,359,999 on December 19, 2023. Each unit will consist of one common share in the capital of the company and one transferable share purchase warrant entitling the holder thereof to acquire one common share at a price of CAD 4 per share exercisable for a period of 12 months following the closing date. The closing of the offering is expected to occur on or about December 29, 2023, and is subject to regulatory approval, including approval of the TSX Venture Exchange. Annuncio • Nov 15
Petro-Victory Energy Corp. Appoints Christopher Ray to Advisory Board Petro-Victory Energy Corp. announced the appointment of Christopher Ray, a seasoned energy executive and former partner at Natural Gas Partners ("NGP") Energy Capital Management, to its Advisory Board. With a distinguished career, Christopher Ray brings a wealth of expertise in energy investments, strategic portfolio management, and legal counsel. His extensive experience as a partner at NGP Energy Capital Management from 2003 to 2018 included serving on the firm's Executive Committee and Investment Committee, also as General Counsel until 2015, and reflects his business acumen and deep understanding of the complexities of the energy industry. At NGP Energy Capital Management, Christopher Ray's leadership spanned various aspects of the firm's business, including new investment opportunities, negotiations, portfolio management, and compliance. Christopher Ray's commitment to community service and personal investments aligns seamlessly with Petro-Victory Energy Corp.'s values. As Christopher Ray embarks on this new role, Petro-Victory Energy Corp. anticipates leveraging his strategic insights to enhance shareholder value and drive sustained growth. Annuncio • Nov 01
Petro-Victory Energy Corp. announced that it has received CAD 1.487301 million in funding On October 31, 2023, Petro-Victory Energy Corp., closed the transaction. The transaction was oversubscribed. The company issued 495,767 units at a price of CAD 3.00, for gross proceeds of CAD 1,487,301 in the transaction. Each unit will consist of one common share in the capital of the Company and one transferable share purchase warrant. The entitling the holder thereof to acquire one Common Share at a price of CAD4.00 per share exercisable for a period of twelve months following the closing date. Annuncio • Sep 29
Petro-Victory Energy Corp. announced that it expects to receive CAD 1.35 million in funding Focus Graphite Inc. announced a non-brokered private placement of 450,000 units at CAD 3 per unit for gross proceeds of CAD 1,300,000 on September 28, 2023. Each unit will consist of one common share in the capital of the Company and one transferable share purchase warrant. The entitling the holder thereof to acquire one Common Share at a price of CAD4.00 per share exercisable for a period of twelve months following the closing date. The closing of the transaction is expected to occur on or about October 31, 2023, and is subject to regulatory approval, including approval of the TSXV. Annuncio • Jul 12
Petro-Victory Energy Corp. Announces Appointment of Andre Naslausky as Chief Operating Officer Petro-Victory Energy Corp. announced the appointment of Mr. Andre Naslausky as Chief Operating Officer. With a distinguished international career in the oil and gas industry, Mr. Naslausky has consistently demonstrated his ability to drive profitable growth and operational excellence. Mr. Naslausky served as the Managing Director of Maha Energy Bril, an independent onshore oilil and gas producer recently acquired by PetroReconcavo, where he successfully oversaw the company's concession areas in Brazil, including the Tie field in the Reconcavo Basin and Tartaruga in Sergipe. In this role, he ensured the safe achievement of production targets, implemented effective oil and gas offtake strategies, and optimized capital expenditure to deliver the best OPEX/bbl. Additionally, Mr. Naslausky led efforts to enhance production operations and facilities, streamline E&P projects, and maximize productivity and capacity. Prior to his tenure at Maha Energy, Mr. Naslausky served as a Senior Advisor at 3R Petroleum (3R Offshore), where he was responsible for production development and investment projects of substantial complexity and value. He played a pivotal role in structuring a new organization and project management office, as well as leading the technical evaluation and steering committee for the Albacora bid. As Operations Director at DBO Energy, Mr. Naslausky partnered with 3R Petroleum in a joint venture focused on acquiring and operating mature offshore fields, driving efficiency, productivity, and returns. His responsibilities included asset due diligence, scouting cost efficiency opportunities, revenue modeling, bidding strategies, and more. Earlier in his career, Mr. Naslausky showcased his leadership capabilities as the Vice President of the Drilling Group for Schlumberger, overseeing drilling operations in Saudi Arabia and Bahrain. During his tenure, he managed a workforce of 3,000 employees across various services, including major turnkey projects for Saudi Aramco. Mr. Naslausky's educational background is equally impressive, with a Mechanical Aeronautical Engineering degree from the Instituto Tecnológico de Aeronáutica (ITA) in Brazil, complemented by a Master's in Management for the Oil and Gas Industry from the Edinburgh Business School at Heriot-Watt University.Petro-Victory Energy Corp. is confident that Mr. Naslausky's extensive expertise, strategic mindset, and proven track record will significantly contribute to the Company's ongoing success. His appointment reinforces Petro-Victory's commitment to cultivating a high-caliber executive team capable of driving growth and operational excellence. Annuncio • Jun 02
Petro-Victory Energy Corp. Appoints Thomas Christian Cooper to Its Board of Directors Petro-Victory Energy Corp. announce the appointment of Thomas Christian Cooper as a new member of its Board of Directors. Mr. Cooper's extensive experience and expertise in the energy industry, particularly in energy and environmental infrastructure investments, make him a valuable addition to the board. Mr. Cooper is the Founder and Managing Partner of Owl Investments, where he has successfully overseen projects and identified valuable opportunities in the energy sector. He currently serves as Managing Principal of Nest Sustainable Waste, LLC, a platform dedicated to investing in energy and environmental infrastructure, primarily focusing on the responsible handling of conventional and clean energy waste streams. Nest recently acquired the Northern Delaware Basin Landfill in New Mexico, the largest and most state-of-the-art oil and gas waste processing facility in the U.S. Before his current role, Mr. Cooper was CEO at Oilfield Water Logistics, LLC (OWL), a pioneering company in the water midstream space that provided critical infrastructure solutions to the energy industry. Under his leadership, OWL achieved remarkable success, culminating in its acquisition by an affiliate of Instar Asset Management and subsequent sale to Pilot Water Solutions, a Berkshire Hathaway company. hroughout his career, Mr. Cooper has demonstrated exceptional leadership and entrepreneurial acumen. He founded and served as Oilfield Water Lines' CEO, successfully selling to NGL Energy Partners in 2013. Additionally, he co-founded Eastern Partners, a real estate investment firm. Mr. Cooper began his investment career at Olympus Real Estate Partners, an affiliate fund of Dallas-based private equity firm Hicks Muse and worked as a consultant at Ernst & Young. Mr. Cooper holds a BBA in Finance and BA in Political Science from Southern Methodist University, and he earned an MBA from The University of Texas at Austin. His deep commitment to the energy industry is evident through his involvement as a member of the Advisory Council for the McCombs School of Business Master of Science in Finance Program and the McCombs Energy Initiative. He has also served on the North Texas Advisory Board of the Trust for Public Land (tpl.org). With Mr. Cooper's appointment, Petro Victory Energy gains an exceptional industry leader who will contribute significantly to the company's strategic vision and growth trajectory. His extensive expertise and insights will be instrumental in driving the company's mission of delivering energy security and generating long-term value for shareholders. Annuncio • Jan 24
Petro-Victory Energy Corp. Announces Oil Discovery At PVE-01 Petro-Victory Energy Corp. completed drilling operations at the PVE-01 well on October 12th, 2022. PVE-01 is located within the 100% working interest Andorinha production concession in the Potiguar Basin, Northeast Brazil. The well was successfully drilled and cased down to 1,196m, with oil potential identified across multiple intervals following the evaluation of conventional wireline logging tools and correlating to nearby wells. Testing operations at PVE-01 commenced on December 26th, 2022, utilizing the same testing rig that recently completed the successful workovers at the 100% owned São João field, located in the Barreirinhas Basin. Two (2) independent reservoirs in the PVE-01 well have tested and flowed oil to the surface: Zone 1 – 1,168.8-1,169.8m – Tested 37 API oil at a maximum oil cut of 50%, at a rate of 37 barrels of liquid per day – extrapolated to an oil production rate of 18.5 BOPD. Zone 2 – 1,157-1,160m – Tested 17 API oil at a maximum oil cut of 45%, at a rate of 48 barrels of liquid per day – extrapolated to an oil production rate of 22 BOPD. In addition, three (3) further zones with oil potential have been identified in the PVE-01 well. The decision to test these three (3) additional zones, as well as increase the deliverability of Zone 1 and Zone 2 through stimulation, will be made when the Company completes the well. The Company is temporarily suspending the well for re-entry and completion in the second half of 2023. 
