BPZ Spuds Well at Albacora Field Offshore Peru

BPZ Energy has announced spudding of the A-18D development well at the Albacora field platform, located in offshore Block Z-1 in Peru.

Drilling and completion of the well is expected to take up to twelve weeks. Targeted depth of the well will be approximately 12,000 feet subsea.

BPZ Energy President and CEO Manolo Zuniga commented, “We are excited to recommence drilling at the Albacora field, our second development drilling program now underway at Block Z-1 with our partner Pacific Rubiales Energy Corp. At the Corvina field, we expect to share the results of the first development well at the CX-15 platform before the end of October. In the meantime, the next Corvina and Albacora development well locations have already been selected.

We have also taken steps to optimize our balance sheet by issuing new convertible bonds and retiring some existing shorter dated bonds which will improve our debt maturity profile, and we repaid the remaining balance of our secured bank facility as well. We look forward to continued execution of our operational and financial plans to grow production, cash flow and achieve profitability.”

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Press Release, October 2, 2013