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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.
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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