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July 31, 2014
16:56 EDTBPZBPZ Resources provides operations update
For Q2, production from offshore Block Z-1 averaged approximately 5,134 barrels of oil per day, or bopd, gross, or 2,618 bopd net to BPZ. This compares to 2,792 bopd of gross production, or 1,424 bopd net to BPZ in 2Q13. Q3 to date gross production has averaged approximately 4,700 bopd, or 2,397 bopd net to BPZ, through July 30. This is lower than expected due to the loss of production from the A-18D while it is being sidetracked and two shut in wells that require intervention. During the month of June, these three oil wells produced a total of approximately 1,500 bopd gross or, 767 bopd net to BPZ. Production as of July 30 was approximately 5,000 bopd gross, or 2,550 net to BPZ. The new Albacora A-26D development well was completed on July 12 and the well has averaged gross production of 1,000 barrels of oil per day, or 531 bopd net to BPZ for the past fourteen days. The new CX15-7D development well was spud on July 29. The well has a targeted measured depth of 8,500 feet and is expected to be completed by October. Work on the Albacora A-18D ST well has begun and the well is therefore not producing. Testing on the initial three-well exploration program at Block XXIII continues and is expected to be completed by the end of September.
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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