BPZ well reaches TD in Peru

BPZ Energy has reached TD of 8,792 ft (2,680 m) at its CX11-18XD well in offshore Peru block Z-1. Hold conditioning in preparation for logging and casing is under way.

Offshore staff

HOUSTON –BPZ Energy has reached TD of 8,792 ft (2,680 m) at its CX11-18XD well in offshore Peru block Z-1. Hold conditioning in preparation for logging and casing is under way.

"The sands we encountered had excellent oil shows and further testing will define the potential of this section of the Corvina field," says Manolo Zúniga, president and CEO of BPZ. "In particular, we will test the well to prove up new oil zones in sands deeper in the Upper Zorritos formation. The mud log shows that the oil sands we encountered may be thicker than those found in the 21XD and 14D wells, which is in line with our geologic models."

"Reaching TD almost a month ahead of schedule gives us the opportunity to ramp up production faster than expected and accelerate the timeline of our Corvina drilling campaign," says Frédéric Briens, CEO.

01/09/2008

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