Moscow, December 20 - Neftegaz.RU. Petro-Victory Energy Corp. is delighted to provide an operational update regarding its workover program on the Sao Joao Field, with the SJ-11 oil well coming online at rates of 640 barrels of oil per day.
Highlights:
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Petro Victory has safely and successfully completed its initial 3-well workover program on its 100% owned Sao Joao field, located in the Northeast Brazil in the Barreirinhas Basin;
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Flow rates from the SJ-11 workover suggest an initial production rate of 640 BOPD;
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Production storage expansion is underway to facilitate increased oil production.
São João Field Workover Success
The Company successfully re-entered the SJ-11, SJ-06, and SJ-01 oil wells and completed them for production using pumpjacks to provide artificial lift.
Petro-Victory re-entered the SJ-11 well, removed the failed progressive cavity pump system and equipped the well for production using a pumpjack. In addition, two additional reservoirs were penetrated at depths of 1,297m and 1,467m to provide potential oil production gains to the existing open and proven oil zone at 1,490m. An additional nine reservoirs have been identified at SJ-11 for future oil testing and production.
The SJ-11 well was brought back online on December 15th, with production from SJ-06 and SJ-01 expected to recommence shortly. The completed workover has had a significant positive impact on the oil production at SJ-11. The SJ-11 well was brought online for a total of 23 hours during the 15th – 17th of December and produced a total of 613 barrels of oil – providing an extrapolated daily average rate of 640 BOPD (in 2021 the SJ-11 well averaged 7 BOPD).
Given materially higher than anticipated oil production rates, Petro-Victory has begun implementing a production facilities/storage expansion project to increase oil storage capacity at the field.
Richard F. Gonzalez, Petro-Victory CEO commented:
- I am incredibly happy with the result of the workover at SJ-11.
- The initial rate of 640 barrels of oil per day is outstanding!
- The team has worked very hard to make this workover program a success. SJ-11 demonstrates the significant upside that our Company continues to unlock through low cost well interventions.
- This is our first step, since assuming operatorship a couple of months ago, to extract value from our São João field.
- We look forward to bringing SJ-06 and SJ-01 oil production online shortly.
About Petro-Victory Energy Corp.
Petro-Victory Energy Corp. is engaged in the acquisition, development, and production of crude oil and natural gas resources in Brazil.The company holds 100% operating and working interests in thirty-eight (38) licenses totaling 257,604 acres in two (2) different producing basins in Brazil.
Petro-Victory generates accretive shareholder value through disciplined investments in high impact, low risk assets.
The Company’s Common Shares trade on the TSX Venture Exchange (“TSXV”) under the ticker symbol VRY.
