Petro-Victory Energy Corp CEO Richard Gonzalez recently shared exciting news with Steve Darling from Proactive regarding the company's operations in the São João field. The timely arrival of the SPT-129 workover rig at the São João field has set the stage for a significant development in the company's workover program. The workover program, which has commenced ahead of schedule, is geared towards unlocking new oil production potential from a total of 14 additional zones within three productive wells. This proactive approach reflects Petro-Victory Energy Corp's commitment to optimizing its operations and maximizing its oil production capabilities.
Gonzalez elaborated on the São João field's substantial potential, emphasizing that it boasts total proved plus probable oil reserves amounting to an impressive 1.9 million barrels of oil. These reserves carry a substantial NPV10 valuation of USD $73.5 million, underscoring the financial value of the assets within the São João field. The workover program is set to test new zones within the wells, with the following distribution: SJ-11 Well covering 21.8 meters across six zones, SJ-01 Well spanning 32.2 meters across five zones, and SJ-06 Well encompassing 12.4 meters across three zones. This strategic approach to exploring multiple zones demonstrates the company's commitment to maximizing the field's production potential. Throughout the year, Petro-Victory Energy Corp has also undertaken substantial expansions in production facilities and storage capacity.
These proactive measures are aimed at ensuring that the company is well-prepared to accommodate the increased production that will inevitably result from the ongoing workover program. In summary, Petro-Victory Energy Corp's announcement of the commencement of the workover program at the São João field reflects the company's dedication to optimizing its operations, unlocking the field's full potential, and maximizing the value of its oil reserves. With a forward-looking approach and strategic investments in infrastructure, the company is well-positioned to capitalize on the opportunities presented by this exciting phase of growth in its operations.