Business
Petro-Victory announces the arrival of the workover rig to its 100% owned São João field located in Northeast Brazil in the Barreirinhas basin to increase oil production.
Petro-Victory announces the arrival of the workover rig to its 100% owned São João fiel...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n\n \n \n \n Petro-Victory announces the arrival of the workover rig to its 100% owned São João field located in Northeast Brazil in the Barreirinhas basin to increase oil production.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Jan. 25, 2024\n \n \n /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSXV: VRY) is pleased to announce the arrival of the SPT-129 workover rig from BRASERV PETRÓLEO LTDA (\"Braserv\") at the São João 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 today,\n \n January 25, 2024\n \n .\n \n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n The Field has total proved plus probable (\"2P\") oil reserves of 1.9 million barrels of oil with a NPV\n \n 10\n \n valuation of USD\n \n $73.5 million\n \n \n \n The workover program will test new zones as follows: SJ-11 Well:\n \n 21.8m\n \n across 6 zones, SJ-01 Well:\n \n 32.2m\n \n across 5 zones, SJ-06 Well:\n \n 12.4m\n \n across 3 zones\n \n \n \n As announced on\n \n January 17\n \n \n th\n \n , 2024, the Company has contracted Braserv SPT-129 workover rig. The rig arrived on location ahead of schedule on\n \n January 24\n \n \n th\n \n , 2024.\n \n \n As of\n \n December 31, 2022\n \n effective date of most recent reserve evaluation by GLJ Ltd., the Field has total proved plus probable (\"2P\") oil reserves of 1.9 million barrels of oil with a NPV\n \n 10\n \n valuation of USD\n \n $73.5 million\n \n .\n \n \n The workover program has commenced today,\n \n January 25, 2024\n \n , beginning first with the SJ-11 well and then continuing to the SJ-01 well and subsequently to the SJ-06 well.\n \n \n \n About Petro-Victory Energy Corp.\n \n \n \n Petro-Victory Energy Corp. is engaged in the acquisition, development, and production of crude oil and natural gas resources in\n \n Brazil\n \n . The company holds 100% operating and worki...