Petro-Victory Energy Corp., Calgary, has started a workover program targeting new oil production from 14 additional zones in three producing wells at São João field in Barreirinhas basin on the Brazilian equatorial margin on the coast of Maranhão, Brazil.
The program began Jan. 25 following the arrival of the SPT-129 workover rig from Braserv Petroleo Ltda on Jan. 24, ahead of schedule.
As of its most recent reserve evaluation by GLJ Ltd. on Dec. 31, 2022, the field has total proved plus probable (2P) oil reserves of 1.9 million bbl of oil with a NPV10 valuation of $73.5 million, the company said in a release Jan. 25.
The workover program will test new zones beginning with the SJ-11 well (21.8 m across six zones), then continuing with the SJ-01 well (32.2 m across five zones), and subsequently to the SJ-06 well (12.4 m across three zones).
Petro-Victory holds 100% interest in the 1,421-acre São João field, which is the only oil discovery within the Barreirinhas basin, according to the company website. The basin covers an area of about 2.5 million acres onshore and extends offshore from shallow water to ultra-deep water. Only 105 wells have been drilled in the basin, with no drilling activity since the 1980s, according to the company.