Peru approves sale of interest in offshore block Z-1

Jan. 2, 2013
BPZ Energy (NYSE:BPZ;BLV:BPZ) has received approval from the government of Peru to complete its agreement with Perupetro to add Pacific Rubiales Corp. (TSX:PRE;BVC:PREC) to the offshore block Z-1 license

Offshore staff

HOUSTON –BPZ Energy (NYSE:BPZ;BLV:BPZ) has received approval from the government of Peru to complete its agreement with Perupetro to add Pacific Rubiales Corp. (TSX:PRE;BVC:PREC) to the offshore block Z-1 license.

BPZ had agreed for Pacific Rubiales to take a 49% participating interest in the block this past week.

“Our partnership continues to work diligently to unlock thevalue of this asset, with development drilling expected to begin soon at Corvina's CX-15 platform and the 3D seismic campaign nearing completion,” said Manolo Zúñiga, president and CEO of BPZ.

Pacific Rubiales will pay $150 million for the interest and will fund exploration spending of $185 million.

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