Petro-Victory Energy has announced the arrival of the SPT-129 workover rig from BRASERV PETRÓLEO LTDA (“Braserv”) at the São João field, ahead of schedule. The workover program, which targets new oil production from fourteen additional zones in three producing wells, has commenced today, January 25, 2024.

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
• 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

As announced on January 17th, 2024, the Company has contracted Braserv SPT-129 workover rig. The rig arrived on location ahead of schedule on January 24th, 2024.

As of December 31, 2022 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 NPV10 valuation of USD $73.5 million.

The workover program has commenced today, January 25, 2024, beginning first with the SJ-11 well and then continuing to the SJ-01 well and subsequently to the SJ-06 well.

KeyFacts Energy: Petro-Victory Brazil country profile