BPZ energy announces updated oil test results, successful first gas test

BPZ Energy Inc. says its CX11-14D well in the Corvina field offshore Peru produced 2,400 b/d of oil.

Offshore staff

HOUSTON -- BPZ Energy Inc. says its CX11-14D well in the Corvina field offshore Peru produced 2,400 b/d of oil.

The well, which lies in block Z-1 offshore northwest Peru produced 1,700 b/d of oil in an earlier drillstem test. A recently completed DST produced 2,400 b/d of oil with no formation water produced.

The first of several tests to be performed on the gas zone at the top of the Upper Zorritos formation resulted in 25 MMcf/d of gas from the bottom part of the gas zone.

"The CX11-14D well has already proved to be another winner for us, and we still have additional tests to perform on prospective gas sands found higher up," says Manolo Zúñiga, president and CEO. "As we expected, both oil and gas have been confirmed down dip from the CX11-21XD well. The absence of produced water in all tests indicates that the hydrocarbon bearing sands likely extend down dip from the CX11-14D well."

With this first gas test, the company complies with the IFC's requirement to have three wells, each capable of producing a minimum of 20 MMcf/d, in order to further advance the financing the Corvina gas-to-power project, BPZ says.

9/25/2007

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