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LatAmOil
NEWS IN BRIEF
LatAmOil
Forward Drilling Programme, Claxon 1 explo- ration well and Canaflecha 2 development well: The Corporation is currently drilling the Claxon 1 exploration well located on its 100% working interest VIM 5 E&P contract. Claxon 1 is located approximately 2 km to the south of the recently announced Alboka 1 discovery which tested 33 mcf per day from the CDO sandstone reservoir. Claxon 1 will target the same CDO sandstone reservoirs present at Alboka, and the Corpora- tion anticipates that the well will take approxi- mately 4 weeks to drill, complete and test.
The other rig is being mobilised to drill the Canaflecha 2 development well located on the 100% working interest Esperanza E&E contract. The well is anticipated to spud in early August 2022 and is targeting gas within the Cienaga del Oro in the Canaflecha field discovered in 2008. The Corporation anticipates that the well will take approximately 4 weeks to drill, complete, and test.
Normal course issuer bid: During July 2022, the Corporation repurchased 86,632 shares at an average price of CAD2.25 per share. Thus far in 2022 the Corporation has repurchased a total of 5,394,332 shares for cancellation.
About Canacol: Canacol is a natural gas exploration and production company with operations focused in Colombia. The Corpo- ration’s common stock trades on the Toronto Stock Exchange, the OTCQX in the US and the Colombia Stock Exchange under ticker symbol CNE, CNNEF and CNEC, respectively. Canacol, August 4 2022
Shawcor receives pipe coating contract for Yellowtail development project in Guyana
Shawcor today announced that its pipe coating division has been awarded a definitive contract by Saipem to provide thermal insulation and anticorrosion coating services for the Yellowtail
development project, located in the Stabroek block offshore Guyana at a water depth of approximately 1,800 metres.
The value of the award is in the range of CAD40-50mn and coating is scheduled to com- mence in the first quarter of 2023 from Shawcor’s Veracruz, Mexico facilities. Saipem previously awarded coating contracts to Shawcor for the first two phases of the Liza development projects and the Payara project in Guyana in 2017, 2018 and 2020 respectively.
“The award of work for the Yellowtail project follows deployment of our solution on the Liza Phases 1 and 2 development projects and the more recent Payara development project in Guy- ana,” said Kevin Reizer, Pipeline Performance Group President. “This new contract validates our ability to bid, contract, and execute multiple deepwater projects globally, demonstrating the strength of our coating performance and con- firming our Customers’ confidence in Shawcor todeliverqualitycoatingservices.”
Shawcor Ltd. is a growth-oriented, global material sciences company serving the Infra- structure, Energy and Transportation markets. The Company operates through a network of fixed and mobile manufacturing and service facilities. Its three business segments, Com- posite Systems, Automotive and Industrial and Pipeline and Pipe Services enable responsible renewal and enhancement of critical infrastruc- ture while lowering risk and environmental impact.
Shawcor, August 3 2022
Petro-Victory Energy issues update on second well in 2022 multi-well drilling programme
Petro-Victory Energy Corp. is pleased to provide the following update on operations on its second well in its 2022 programme – PVE-01.
Development Well Drilling PVE-01: The
Company has commenced preparation for the drilling of the PVE-01 well, the second of its four-well 2022 programme. PVE-01 marks the first development well to be drilled on the Com- pany’s 100%-owned Andorinha Field. The Com- pany is currently working with its rig provider to conduct a short maintenance regimen on the MAPEEN-01 drilling rig ahead of its mobilisa- tion to the well location. It is estimated that the maintenance work will be complete in approxi- mately one week with an expected spud date in the second half of August.
The PVE-01 well will be drilled 260 metres NE of the GALP-01 discovery well positioning it 45 metres higher up the Andorinha field struc- ture. As communicated in earlier announce- ments, the Company has batch drilled the top-hole section of the well to capture opera- tional and cost efficiencies. Once on location, the MAPEEN-01 rig will commence drilling at 280 metres where the Company has already cased with 9 5/8” casing and begin drilling an 8.5” hole section for 970 metres to a target depth of 1,250 metres. Drilling and testing of the PVE-01 well is expected to take 30 days.
The PVE-01 well accounts for proved reserves of 118,000 barrels of oil and is projected to add 150 bpd of oil for the first 12-months aver- age production and $5.483mn in NPV10 value according to the Company’s December 31, 2021 GLJ reserve report.
Richard Gonzalez, Petro-Victory CEO, commented:‎ “The Company is now in full operational mode in Brazil as we prepare to drill PVE-01 and continue our 2022 multi-well drilling programme. The well represents another exciting step towards accomplishing our growth plans in the Potiguar Basin, as it is our first devel- opment well on our producing Andorinha field. PVE-01 will be followed closely by the drilling of additional development wells: PVE-02 and PVE-03, which will complete our current cam- paign and springboard the company to contin- ued production.
“Our team on the ground in Brazil has worked diligently to ensure that we are drilling cost effective wells that will pay back quickly and deliver tangible value for our shareholders. The Company will update the market in due course with progress on PVE-01.”
Petro-Victory Energy Corp. is engaged in the acquisition, development, and production of crude oil and natural gas resources in Brazil. The company holds 100% operating and work- ing interests in 38 licenses totaling 257,604 acres in two different producing basins in Brazil. Pet- ro-Victory generates accretive shareholder value through disciplined investments in high impact, low risk assets. The Company’s Common Shares trade on the TSX Venture Exchange under the ticker symbol VRY.
Petro-Victory Energy, August 9 2022
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