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Stock Market & Financial Investment News

News Breaks
January 22, 2013
09:17 EDTBPZBPZ Resources sees FY13 spending about $27M on CAPEX, exploritory expendatures
Planned capital and exploratory expenditures onshore include contingent amounts subject to receipt of necessary permits which include $12M for shallow drilling activities at Block XXIII as well as $9M of 3D and 2D seismic work for Blocks XIX and XXII, respectively. Other expenditures of $6M are also included.
News For BPZ From The Last 14 Days
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October 30, 2014
17:08 EDTBPZBPZ Energy announces gas discovery at Onshore Block XXIII
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October 27, 2014
07:43 EDTBPZBPZ Resources announces new production from Albacora 18D-ST well, Z-1 update
BPZ Energy provided an operations update for Block Z-1. At the Albacora field, the A-18D side track well was completed in late September. The well was drilled to a total measured depth of approximately 12,740 feet and has been under production testing to evaluate new deeper oil zones. The known upper oil sands were placed on production together with the new deeper oil sands. The 24-hour peak production rate during these initial tests was 820 bopd gross, or 418 net to BPZ. During the different sequence of tests, average well production has been approximately 721 barrels of oil per day, or bopd, gross, or 368 bopd net to BPZ, over the past 14 days. On a preliminary basis, PLT, or Production Logging Tool, tests have indicated that due to the higher reservoir pressures, the deeper oil sands are currently the dominant producers. Further analysis is underway to optimize the well productivity. Production from the Albacora and Corvina fields at Block Z-1 for Q3 averaged approximately 4,777 bopd gross, or 2,436 bopd net to BPZ, which is an 83% increase compared to the same period last year. Over the past 14 days, gross production at Block Z-1 averaged approximately 5,400 bopd, or 2,754 bopd net to BPZ. At the Corvina field, the CX15-10D well is completed with results expected in November. The well was spud on September 14, 2014 and reached targeted measured depth of approximately 8,000 feet. The well was cased, cemented, and completed in less than six weeks. The Corvina CX15-14D was spud on October 25. Estimated total measured depth of the well is 7,725 feet, with results expected in December. At the Albacora field, the A-27D development well was spud on October 6. Estimated total measured depth of the well is 14,500 feet, the deepest well of the ongoing Albacora drilling campaign, also targeting deeper potential oil zones seen in other Albacora wells. Results are expected by year-end 2014. Given the discovery of the deeper oil in Albacora, the next few wells in 2015 are also expected to be drilled in the same area of the field to continue its development appraisal.

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