Petro Vista's strategy in Brazil is to build a base of producing assets coupled with low-risk/low-cost exploration and production opportunities in two focus areas of onshore Brazil. The Company has acquired certain participating interests in a total of two onshore petroleum exploration concessions in the producing Recôncavo Basin located in north-east Brazil. In Sergipe-Algoas the Company has an option to acquire a working interest in the producing Tartaruga block in the Sergipe Alagoas Basin subject to the Company meeting its farmout obligations and receiving all necessary regulatory and partner approvals including the approval of the ANP to the assignment to the Company of a working interest
Petro Vista continues to pursue additional production acreage in high-potential shallow water areas such as the Campos Basin, where Devon Energy is producing 55,000 bopd with 200 MMBOE in reserves.
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