BPZ Updates on Its Peruvian Drilling Ops

BPZ Energy, today provided an update on its multi-well development drilling campaign at the offshore Corvina and Albacora fields as well as the three-well exploration program at onshore Block XXIII.

BPZ Updates on Its Peruvian Drilling Ops

Offshore Block Z-1 (51% working interest)

Testing continues on the CX15-1D well with gross production averaging 430 bopd during the past 45 days from the third interval. For the last 24 hours, the Corvina CX15-1D has averaged gross production of 535 bopd from the third interval with 3% water cut. The second interval tested gas from the gas cap. A gas-lift valve has been set up on this second interval to assist production of the third interval. The first and fourth intervals remain to be tested.

Development drilling of the CX15-2D well continues with completion expected in early 2014. The Albacora 18D well reached total depth of 12,600 feet and is being completed after logs were run. Results for both wells are expected in January 2014.

Onshore Block XXIII (100% owned)

At Block XXIII, with the access road and drill site now completed, the drilling rig is being mobilized. Spudding of the Caracol 1X well is expected to occur by the end of December 2013 or early 2014. Access road and drill site work on two other exploration wells also continues.

President and CEO Manolo Zuniga commented, “I’m excited about the beginning of our onshore exploration drilling program in Block XXIII and other onshore opportunities, while the multi-well development drilling campaign at Block Z-1 continues.”

Press Release, December 20, 2013