Petro-Victory Energy Corp. 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.
Highlights
- The Field has total proved plus probable ("2P") oil reserves of 1.9 million barrels of oil with a NPV10 valuation of USD $73.5 million.
- Three (3) well workover program (SJ-11, SJ-01, SJ-06) targeting fourteen (14) new zones of additional oil production
- Petro-Victory mobilizes workover rig with leading rig services provider, Braserv
As of the December 31, 2022 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 NPV10 valuation of USD $73.5 million with more than .895 million barrels of oil (2P reserves) in the three wells being targeted.
The workover program will test new zones as follows:
SJ-11 Well: 21.8m across 6 zones
SJ-01 Well: 32.2m across 5 zones
SJ-06 Well: 12.4m across 3 zones
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.
Braserv is a Brazilian company highly specialized in onshore completion and workover services and has been in operation since 2009 with more than one thousand (1,000) employees, twenty-five (25) rigs in Brazil and fifteen (15) in Colombia. The SPT-129 rig is a modern built rig recently renovated and is on its way to the São João oil and gas field in the Barreirinhas basin in the state of Maranhão, Brazil. The rig is scheduled to arrive by January 25, 2024.
Richard F Gonzalez, Petro-Victory CEO, commented:
"I am very pleased with the work of all of our team members and partners and specifically the latest continuation of our partnership with Braserv to bring the untapped oil resources at the São João field to surface and generate cash flow. We are writing the next chapter of Petro-Victory's success story, fueled by dedication, focus, and commitment to proven methods that continue to drive sustainable shareholder value and energy security."
