Macro Tsimmis

intelligently hedged investment

BPZ Energy (BZP) update #7

Posted by intelledgement on Tue, 01 Apr 08

BPZ Energy (BZP) issued a press release today detailing preliminary testing results of their fourth Corvina well, CX11-18XD, and they are looking mighty fine: a total of 5,350 BBLS/day from three separate drill stem tests. Testing of two of the three DSTs has been suspended for technical reasons; the one that is still operating is providing the lion’s share of the production (4,150 BBLS/day).

The company now expects to spud the fifth planned Corvina well, CX11-20XD, later this month. They also anticipate resuming testing production from two of the other three wells (excepting 16X, a natural gas-only well), which has been suspended since the sinking of the Supe in January—this month. Initially they thought they would be able to resume in early March, but Peruvian authorities determined to conduct an integrity test in February and the company is awaiting a go-ahead from them based on their evaluation of the results.

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