BPZ denied EWT for Corvina well

BPZ Resources has completed well CX11-23D offshore Peru with a sustained initial production rate around 1,500 b/d of oil.

Offshore staff

HOUSTON -- BPZ Resources has completed well CX11-23D offshore Peru with a sustained initial production rate around 1,500 b/d of oil.

The well began testing in mid-September. BPZ says this is the final well to be drilled from the CX-11 platform over the Corvina field. The rig has been removed from the platform to allow installation of facilities for production, and also gas/water re-injection. This equipment will be needed to transition the field from exploration to commercial production, currently set for Nov. 30.

However, the Peruvian authorities have denied BPZ a permit to continue an extended well test on the CX11-19D well, which has been shut in since mid-June. So the well will remain closed until the gas and water re-injection facilities are installed and commissioned at the CX-11 platform.

On the Albacora field, the A-17D well also remains in the testing phase, with no crude oil brought to surface from the zones tested to date. BPZ is testing additional zones to determine whether or not the well can be produced.

Manolo Zuniga, the company’s president and CEO, said: "The sustained initial production from the new Corvina well comes at an important time… Currently we are testing oil at approximately 4,500 b/d from Corvina and Albacora.

“We are disappointed that we did not receive a positive response to our request to re-establish testing from the 19D in Corvina, highlighting the importance of the results from the 23D well. The denial for EWT on the 19D should only impact the company for approximately 60 more days as we anticipate meeting the Nov. 30 date where we can initiate commercial production at the CX-11 platform."

09/28/2010

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