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January 22, 2013
09:22 EDTBPZBPZ Resources reports Q4 Block Z-1 oil production, update
Total average combined production from the Corvina and Albacora fields at offshore Block Z-1 was 1,517, or 2,973 gross, and 1,688, or 3,310 gross, barrels of oil per day, or bopd, for Q4 and FY12, respectively. January production to date from these two fields is averaging approximately 1,533 bopd, or 3,005 bopd gross. Phase II of the original 1,600 square kilometer seismic acquisition project on Block Z-1 is now complete. Initial data processing for the PUD drilling locations at the Corvina field is also complete with interpretation underway. Processing of the data acquired over the Albacora field is being prioritized. The total gross cost of the Z-1 seismic program, is now anticipated to be approximately $52M, or approximately $10M higher than the previously announced estimate of $42M. The increase in expenditures is mainly due to higher costs related to the expanded work scope, less efficiency from a smaller seismic boat and vessel standby required as a result of significant fishing activity during Phase II of the seismic acquisition project. The total gross cost of the CX-15 project is now anticipated to be approximately $83M, $6M higher than the previously announced estimate of $77M, due to the higher costs associated with the platform installation. The Albacora field during January is producing approximately 344 bopd, or 675 bopd gross. The gas compressor and the produced water injection equipment installed in 2012 have been commissioned and are working. The existing contract for the Petrex 18 rig has been renegotiated to allow for improved day rates and cancellation terms, and availability to use it should the new 3D seismic data dictate a return to drilling.
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April 7, 2014
09:53 EDTBPZBPZ Resources sees Q1 oil production average about 2,571 bopd
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