CALGARY, AB - Petro-Victory Energy Corp. (TSXV: VRY) has initiated a workover program in the São João field in Brazil, deploying the SPT-129 workover rig from Braserv Petróleo Ltda to enhance oil production. The operation targets fourteen additional zones across three producing wells, with the company holding a full operating interest.
The São João field boasts 1.9 million barrels of 2P oil reserves, valued at a net present value of $73.5M. The workover rig from Braserv, a Brazilian firm specializing in onshore completion and workover services, is expected to arrive by January 25, 2024. This effort is part of the company's strategy to tap into new zones for increased oil output, focusing on wells SJ-11, SJ-01, and SJ-06.
Petro-Victory, which operates 41 licenses over 272,912 acres in two Brazilian basins, is engaging in this program following an expansion of production facilities and storage capacity to accommodate the anticipated increase in production.
Richard F. Gonzalez, CEO of Petro-Victory, expressed confidence in the partnership with Braserv and the potential for the workover program to bring untapped oil resources to the surface, thereby generating cash flow and contributing to shareholder value and energy security.
The information in this article is based on a press release statement from Petro-Victory Energy Corp.
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