BPZ Energy announces new Corvina well online

BPZ Energy announces new Corvina well online

Houston -- BPZ Energy has initiated production from the Corvina CX15-14D development well located in Peru.

The well was completed in early December in six weeks and drilled to a total measured depth of 7,845 ft. For the last 10 days, the well has averaged approximately 600 bopd, or 306 bopd net to BPZ. For the last 24 hours, the well has averaged 645 bopd, or 329 bopd net to BPZ.

The CX15-14D well is located to the west of the six previously drilled CX-15 wells. The well encountered continuity of sands and higher reservoir pressures, as expected.

Following this reservoir trend, the CX15-8D development well was spud on Dec. 11 and targets an area southwest of the CX15-14D. Estimated total measured depth of this new well is 9,600 ft which will target the Upper Zorritos formation where sands from other Corvina wells are producing, as well as evaluate the potential of the deeper Middle Zorritos. The CX15-8D well results are expected in February 2015.

The Albacora A-27D development well, drilled to approximately 14,500 ft, is expected to be placed on production this month, and due to testing of potential new deeper zones, results are now expected in January 2015.

Block Z-1 production from the Corvina and Albacora fields for the fourth-quarter period through Dec. 21, 2014 has averaged approximately 5,326 bopd gross, or 2,716 bopd net to BPZ, which is above third-quarter levels. Production for the last 24 hours has averaged 5,513 bopd gross, or 2,812 bopd net to BPZ.