Macro Tsimmis

intelligently hedged investment

BPZ Energy (BZP) update #4

Posted by intelledgement on Wed, 13 Feb 08

BPZ Energy (BZP) issued an update on their investigation into the explosion, fire, and sinking of the Peruvian navy tanker they had leased to transport crude from their offshore platform last month. Unfortunately, one of the sailors has died, and four remain hospitalized. On the plus side, there appears to have been no material environmental impact beyond the initial fire, which apparently consumed all 1300 BBLS of oil that were on board when the explosion occured, before the ship sank.

The company now expects to resume oil production from their three completed wells, and testing on CX11-18XD, within three weeks.

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