Petro-Victory Energy Corp. (TSX-V:VRY) said its workover campaign in the São João field has substantially increased oil production in the Barreirinhas Basin of Maranhão, Brazil.
The company revealed the advancements in its ongoing workover campaign aimed at enhancing oil production in the São João field.
According to a release from Petro-Victory, the SJ-01 well was successfully completed ahead of schedule and under budget, resulting in the addition of 32.2 meters of oil pay in the Tutoia formation.
Notably, the initial production rate from the SJ-01 well surged to 303 barrels of oil per day (bopd).
Similarly, the SJ-11 well underwent successful completion on schedule and under budget, thereby augmenting its oil pay by an additional 16 meters in the Tutoia formation. Presently, the well is yielding an average of 37 barrels per day, with ongoing recovery of completion fluid.
Cumulatively, oil production from the well has reached 306 barrels to date, with total proved reserves estimated at 200,000 barrels of oil.
Workover activities at the SJ-06 well have begun ahead of schedule. The plan is to unlock an additional 12.4 meters across three zones in the Tutoia formation.
The SJ-06 well holds total proved reserves of 69,000 barrels of oil.
Calgary-based Petro-Victory holds 100% operating and working interests in 41 licenses totaling 272,912 acres in two producing basins in Brazil.