Petro-Victory Energy Corp. ("Petro-Victory" or the "Company") is pleased to provide an update on the workover campaign to increase oil production in the 100% owned São João field in the Barreirinhas Basin in Maranhão, Brazil.
Highlights
SJ-06 well successfully completed adding additional 8.3 meters of oil pay in the Tutoia formation.
SJ-06 well tested at rate of 228 barrels of oil per day ("bopd") during initial 35-hour test.
SJ-06 Well
On February 27th, 2024, the SPT-129 workover rig mobilized from the SJ-01 well to the SJ-06 well with a workover program designed to open an additional 12.4 meters across 3 zones in the Tutoia formation.
Petro-Victory successfully re-entered the well to a depth of 1,731 meters, logged the well, and subsequently perforated 8.3 meters in 2 planned zones between 1,263 meters and 1,516 meters depth with oil and associated gas shows confirming expectations that this is a gas driven, oil prolific, formation.
The well was successfully completed on April 1, 2024, with 1 ¾ " insert pump, gas anchor and API-228 pump-jack, being installed over the well. The SJ-06 well now has 15.2 meters of oil pay zones open in the Tutoia formation. The open zones are clean sandstones exhibiting 19% average porosity.
Specific data for the initial production from the SJ-06 well is as follows:
During the initial 35-hour test period, the well surged to a rate of up to 930 barrels of oil per day for a 3-hour period.
The SJ-06 well averaged 228 barrels of oil per day during the initial 35-hour test period.
Oil from the Tutoia formation is a light crude oil with an API gravity of 40.9°.
The SJ-06 well has total proved ("1P") reserves of 69 thousand barrels of oil and total proved plus probable ("2P") reserves of 134 thousand barrels of oil.
The team continues to monitor well pressure, recovery of the completion fluid, and associated gas levels.
Initial production results are not necessarily indicative of long-term performance or ultimate recovery.
