BPZ brings another Corvina field well online (Peru)

BPZ Energy, an independent oil and gas exploration and production company, has started production from another Corvina well, offshore Peru.

In its operational update, BPZ said that the Corvina CX15-14D development well was completed in early December.

The well was drilled to a total measured depth of 7,845 feet and completed in six weeks. 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, BPZ has said.

Following this reservoir trend, the CX15-8D development well spud on December 11 and targets an area southwest of the CX15-14D. Estimated total measured depth of this new well is 9,600 feet 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 feet, 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 December 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.

Manolo Zuniga, President and CEO┬ásaid, “We are very pleased to bring another well online at the Corvina field and look forward to the Albacora A-27D well results and its potential impact on reserves. Work continues on the 2015 capital and exploratory budget, which we expect to share once finalized. Given the lower oil price environment we are carefully reviewing our 2015 plans.”

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