Petro-Victory Energy Corp. (TSX-V:VRY) has kicked off a workover program at the São João field after the SPT-129 rig arrived ahead of schedule.
The program is targeting new oil production from 14 additional zones across three producing wells at the Brazilian asset.
The São João field contains total proved plus probable oil reserves of 1.9 million barrels, carrying a NPV10 valuation of US$73.5 million.
The program started with the SJ-11 well, followed by the SJ-01 well, and progressed subsequently to the SJ-06 well.
For the SJ-11 well, the company will be testing across six zones, covering a total distance of 21.8 meters. In the SJ-01 well, the exploration will span five zones, totaling 32.2 meters. Finally, in the SJ-06 well, they will be testing across three zones, covering a distance of 12.4 meters.
The SPT-129 workover rig is owned by Braserv Petróleo, a Brazilian company, and was recently renovated.
Toronto-listed Petro-Victory Energy is actively involved in the acquisition, development, and production of crude oil and natural gas resources in Brazil. The group has a 100% operating and working interest in 41 licenses covering 272,912 acres in two producing basins.