Petro-Victory Energy Corp. announced the arrival of the SPT-129 workover rig from BRASERV PETROLEO LTDA (Braserv) at the Sao Joao field (the Field), ahead of schedule. The workover program, which targets new oil production from fourteen (14) additional zones in three (3) producing wells, has commenced 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 rigs. 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 1.9m barrels of oil with a NP V10 valuation of USD73.5 million.

The work over program has commenced 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.