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Petro-Victory mobilizes workover rig to its 100% owned São João field located in Northeast Brazil in the Barreirinhas Basin to increase oil production
Petro-Victory mobilizes workover rig to its 100% owned São João field located in Northe...
About this update from Petro-victory Energy Corp Class A
[{"type":"text","content":"\n \n \n \n Petro-Victory mobilizes 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. 17, 2024\n \n \n /CNW/ - Petro-Victory Energy Corp. (\"Petro-Victory\" or the \"Company\") (TSXV: VRY) is pleased to announce 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.\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 \n Three (3) well workover program (SJ-11, SJ-01, SJ-06) targeting fourteen (14) new zones of additional oil production\n \n \n Petro-Victory mobilizes workover rig with leading rig services provider, Braserv\n \n \n \n As of the\n \n December 31, 2022\n \n 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 NPV\n \n 10\n \n valuation of USD\n \n $73.5 million\n \n with more than .895 million barrels of oil (2P reserves) in the three wells being targeted.\n \n \n The workover program will test new zones as follows:\n \n \n SJ-11 Well:\n \n 21.8m\n \n across 6 zones\n \n SJ-01 Well:\n \n 32.2m\n \n across 5 zones\n \n SJ-06 Well:\n \n 12.4m\n \n across 3 zones\n \n \n 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.\n \n \n Braserv is a Brazilian company highly specialized in onshore completion and workover services and has been in operation sin...