BPZ Energy provides update on operations in Peru

BPZ Energy

BPZ Energy (NYSE: BPZ) (BVL: BPZ) has provided an update on its multi-well development drilling campaign at the offshore Corvina and Albacora fields offshore Peru, as well as on the three-well exploration program onshore Block XXIII in Peru.

Offshore Block Z-1, testing continues on the CX15-1D well, with gross production averaging 430 bopd during the past 45 days from the third interval. For the last 24 hours, the Corvina CX15-1D well has averaged gross production of 535 bopd from the third interval with 3% water cut. The second interval tested gas from the gas cap. A gas-lift valve has been set up on this second interval to assist production of the third interval. The first and fourth intervals remain to be tested.

Development drilling of the CX15-2D well continues, with completion expected in early 2014. The Albacora 18D well reached total depth of 12,600 feet and is being completed after logs were run. Results for both wells are expected in January 2014.

Onshore Block XXIII, with the access road and drill site now completed, the drilling rig is being mobilized. Spudding of the Caracol 1X well is expected to occur by the end of December 2013 or early 2014. Access-road and drillsite work on two other exploration wells also continues.

Houston-based BPZ Energy is an independent E&P company that has license contracts covering about 2 million net acres in offshore and onshore Peru. The company holds a 51% in offshore Block Z-1, which it is developing in partnership with Pacific Rubiales Energy Corp. BPZ Energy also holds 100% working interests in three onshore blocks.


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