If only they could take care of that elephant in the room. Soon I hope! BPZ should exit January with over 3,100 Bo/d net. With two more wells now drilling, they should exit Q1'15 around 3,500 Bo/d and reach 3,900 Bo/d in April. This is excellent progress as execution continues to excel. It's unfortunate the bond holders would not agree to extend their maturity out a couple of years with some yield incentive. How difficult is that?
BPZ Energy Announces New Production from Albacora A-27D Well
Houston, Jan. 22, 2015 (GLOBE NEWSWIRE) -- BPZ Energy (BVL: BPZ), an independent oil and gas exploration and production company, today provided initial production rates from the Albacora A-27D development well at offshore Block Z-1. The Company holds a 51% participation in Block Z-1 and all referenced well production in this release.
The A-27D well was drilled to a total measured depth of approximately 14,500 feet. For the last 10 days, the well has averaged approximately 1,135 barrels of oil per day (bopd) gross. For the last 24 hours, the well has averaged production of approximately 905 bopd, 3,700 thousand cubic feet of gas per day and 2 barrels of water per day. Gas is mostly reinjected due to the lack of a local commercial market at this time. The well is producing better than previous recent wells due to additional pay opened in the Lower Zorritos sands.
Given the positive results of the A-27D, the new Albacora A-22D development well was spud on January 10, 2015. Targeted measured depth of the A-22D well is 14,445 feet, which will also test the Mid and Lower Zorritos sands. Results are expected in April.
The Corvina CX15-8D development well is currently being completed with results expected in February 2015. The 8D well location helps extend the Corvina field to the southwest.
Block Z-1 Production from the Corvina and Albacora fields for full year 2014 averaged 5,055 gross, or 2,578 bopd net to BPZ, which represents an 83% increase compared to full year 2013 production of 2,761 bopd gross, or 1,408 bopd net.
For the fourth quarter 2014, production averaged approximately 5,276 bopd gross, or 2,691 bopd net, which was 10% above third quarter 2014 production, and 94% higher than fourth quarter 2013 production. The 2014 exit rate for production was approximately 5,200 bopd, or 2,652 bopd net.
January 2015 production to date has averaged approximately 5,443 bopd gross, or 2,776 bopd net.
Manolo Zuniga, President and CEO commented, "Given the positive results on the A-27D, we approved drilling of the A-22D well also targeting the Mid and Lower Zorritos formation, particularly the new deeper oil tested in the last three wells. We have also decided to perforate deeper sands in the Albacora A-21D and A-26D in the first quarter of 2015. These interventions should enable us to increase production with minimal capital, and we continue to look for other similar opportunities. While this work has been approved, the full 2015 capital plan is still under review as we work with our Block Z-1 partner to reduce costs, and with our advisors on financing alternatives."
ABOUT BPZ ENERGY
BPZ Energy is an independent oil and gas exploration and production company with license contracts covering 1.9 million net acres in four blocks located in northwest Peru. Current operations in these blocks range from early-stage exploration to production. The Company holds a 51% working interest in offshore Block Z-1, where development drilling is currently underway at the Corvina and Albacora fields with joint venture partner Pacific Rubiales Energy Corp. Onshore, the Company holds 100% working interests in Blocks XIX, XXII and XXIII which total 1.6 million acres. In southwest Ecuador, the Company owns a non-operating net profits interest in a producing property. BPZ Energy trades as BPZ Resources, Inc. ( BPZ ) on both the New York Stock Exchange and the Bolsa de Valores in Lima under ticker symbol "BPZ". Please visit www.bpzenergy.com for more information.