Petro-Victory Energy Corp. (TSX-V:VRY) announced that it has entered into an exclusivity agreement with Brava Energia S.A. for the potential acquisition of 13 oil-producing fields located in the Potiguar Basin in Rio Grande do Norte, Brazil.
In partnership with Azevedo e Travassos Petróleo S.A. (ATP), Petro-Victory signed the agreement, which covers two key assets: the Porto Carão Cluster and the Barrinha Cluster.
The Porto Carão Cluster consists of four concession contracts with four oil-producing fields.
The Barrinha Cluster includes seven concession contracts with nine oil-producing fields.
This exclusivity agreement provides Petro-Victory with a 30-day window to negotiate the acquisition, with the possibility of extending the period if both parties agree.
Further details, including pricing, terms, and payment methods, will be disclosed as the negotiations progress, the company said.