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Looks like BZP is coming up on a 61.8% retracement level around 14. If that doesn't function as support, next stop appears to be around 11.
Look for a good intermediate term buy when the RSI (21) crosses back inside its lower Bollinger Band.
Lots of price and retracement resistance between .75 and .83. I'm expecting it to roll over at resistance as average daily volume is relatively light on this low-priced security.
FEEC .... Big NEWS in this events . STRONG BUY look !
CURRENT AND UPCOMING EVENTS
All Cap All China Conference
May 19-20 hosted by Brean Murray Carret & Co.
The Waldorf Astoria, New York, NY
Presenting at 1:15 pm EST
The Spring 2008 China Growth Conference
The Harvard Club of New York City – May 22, 2008
Presented by Adam Friedman Associates LLC and
Friedland Events LLC (a Norita Capital Partners Inc. company)
Luncheon Speaker – Michael R. McElwrath,
Far East Energy Corporation Announces Financing For Development of Coalbed Methane Projects in China
$15 million Investment by the International Finance Corporation WORLD BANK
Plans to Accelerate Drilling Program
Far East Energy Corporation (OTC BB: FEEC) announced today that it entered into a subscription agreement with International Finance Corporation (IFC), a member of the World Bank Group, to help fund Far East Energy’s coalbed methane exploration and development program in China. Far East Energy, one of the largest holders of coalbed methane deposits in China, will use the proceeds to finance a portion of its operations in China, including planned drilling and development of coalbed methane production, and for working capital purposes.
Far East Energy sold, at a price of $1.306 per share, a total of 11,485,452 shares of its common stock to IFC for total gross proceeds of $15 million. Far East Energy also issued warrants to IFC to purchase 4,019,908 shares of common stock with an exercise price of $2.61 per share.,
Far East Energy may redeem the warrants if the shares of the company's common stock trade at a price equal to or in excess of $3.92 per share for fifteen or more consecutive trading days. Far East Energy will pay no commissions or finder fees in connection with the offering
drluck,
If the 34-day EMA doesn't function as support next week, next pocket of support would be around the 55-day MA. The long and intermediate-term trends are up, however.
Good pop today on hugh volume. Perhaps BZP will have some legs?
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Alan Garcia spoke with USA Oil Companies last week .......
Mr. Zúñiga CEO of BZP Resources ....After contracts with United States Oil company.....“This is a big day for BPZ Energy and for Peru. To have this kind of event here at the Presidential Palace is truly amazing. I was deeply honored to have the opportunity to speak before President Garcia, the leaders and management of Perupetro and on behalf of the various companies signing license contracts. As a native of Peru, I wanted to stress that BPZ Energy has been doing the right things here since the beginning of our operations to develop hydrocarbons, and to give back to the people and communities of Peru.” Mr. Zúñiga continued, “These two new license contracts will now allow us to implement the geologic models we have been developing during the past few years. We look forward providing more details on these two blocks as they become available.”
License contracts were signed by companies from seven countries; such as Pacific Stratus Energy and Talisman from Canada; BPZ Energy, Hunt Oil, Occidental Oil and Gas, and Vetra Peru from the United States; Ecopetrol from Colombia; Petro-Tech Peruana from Peru; Pan Andean Resources from Ireland; ZSN PE from Russia; PVEP Peru from Vietnam; and SK Energy from Korea. The 18 contracts signed during the ceremony were a record for Perupetro during any single event. Additional information on the latest licensing round in Peru can be found at www.perupetro.com.pe.
BZP Resources
BPZ currently holds four blocks in northwest Peru totaling 2.76 million acres, and has a participating interest in a block of nearly 300,000 acres in southwest Ecuador. Of the four blocks in Peru, two are under license contract in the Tumbes basin (one onshore, one offshore). The other two blocks are onshore and held under technical evaluation agreements with the option of converting them to license contracts.
BPZ Energy USA will produce 8,000 bpd in July 08 'Peru
13 Dec 2007 15:08
LIMA, Dec. 13 (Reuters) - The American BPZ Energy will produce about 8,000 barrels per day of crude oil from July 2008 in a reserve located on the north coast of Peru and sees great potential in exploiting its gas field, said on Thursday, an executive.
BPZ Energy owns granting lots of oil XIX, XXII, XXIII and Z-1 in the regions of Tumbes and Piura in northern Peru, both bordering Ecuador.
"By the middle of next year we will be at 8,000 barrels, which is a good thing (...) These wells are new and are performing very well," told reporters the chief executive of BPZ, Manuel Zñiga.
The executive explained that the oil wells that produce from 23 degrees API will be "light and good quality" to mean the area.
Currently, the firm produces testing about 2,000 barrels per day (bpd), which he hoped would increase gradually over the next year when complete exploitation of four wells in lot Z-1, located off the coast of Piura.
For the 2008 signing aspires realize further two loans from the International Finance Corporation, the financial arm of the World Bank for private sector dependent, for 150 million dollars, which will be used to operate three gas wells in lot Z-1 and build a power plant of 160 megawatts, which will be fed by the reservoir.
"There are two outstanding loans, one of 35 million and another 115 million. To 35 will be to continue drilling and the 115 will be for the electric plant. Hopefully That close to half a year before and hence we green light for the construction of the plant, "he added Zñiga.
The executive estimated that the power plant would begin operating "12 months later" granted the loan and require a supply of about 40 million cubic feet of gas per day.
Zuñiga referred to the exploration of other areas of lot Z-1, as Albacore, plus lots XIX and XXIII increase its production of oil and gas.
"By mid-2009 our goal is to have 8,000 bpd in (the field of) Corvina, 8,000 bpd in Albacore and 40 million cubic feet (gas)," said.
Preliminary studies conducted by BPZ in their lots allow glimpse a future "important" for the exploitation of natural gas in this region of Peru, he added Zñiga.
"We hope in the next two or three years to be there for petrochemicals, for the Talara refinery, to agribusiness," he said.
BPZ Energy Inc., based in Houston, operates in Peru since 2002 through the signing local BPZ Exploration and Production.
The license contracts were signed on Wednesday November 21, 2007 in a ceremony at the Presidential Palace hosted by the President of Peru, Mr. Alan Garcia. Present at the ceremony were representatives from 12 companies who signed 18 such license contracts for exploration and production of hydrocarbons in Peru. During the ceremony, broadcasted nationally on television and radio in Peru, President Garcia noted the companies involved would be investing in Peru’s economic growth and that the country welcomed this type of investment. Also, Manolo Zúñiga, President and Chief Executive Officer of BPZ Energy, was asked to address the attendees and the national television and radio audiences. Mr. Zúñiga stressed that each company in attendance has not only been afforded an opportunity, but a larger responsibility to do business the right way in Peru. He also applauded the leaders and staff at Perupetro, noting that they are very accessible and ready to assist all companies to promote each company’s success.
The signing of Block XXII and Block XXIII completes the approximately 2.4 million acres, in conjunction with Blocks Z-1 and XIX, the Company initially plans to develop in northwest Peru.
Block XXII
This block covers approximately 948,000 acres and is located onshore in the Lancones basin, although its southern sector also covers the productive Talara basin of northwest Peru, near the Talara Refinery. During the initial seven-year exploration phase the company has committed to shoot 200 km of 2D seismic and drill 4 exploration wells. The term of the license contract is for 30 years in the case of oil and 40 years in case of gas. Royalties start at 15% if and when production is less than 5,000 barrels of oil equivent per day (boepd) and are capped at 30% if and when production surpasses 100,000 boepd.
Block XXIII
This block covers approximately 248,000 acres and is located onshore between the Company’s offshore Block Z-1 and onshore Block XIX in northwest Peru. This block is located in the Tumbes basin, although in its southern section Talara basin sediments maybe found deeper. The term and royalties are similar to those of Block XXII. During the initial seven-year exploration phase the company has committed to shoot 400 km of 2D seismic, 600 square km of 3D seismic, and drill 4 exploration wells.
Mr. Zúñiga stated: “This is a big day for BPZ Energy and for Peru. To have this kind of event here at the Presidential Palace is truly amazing. I was deeply honored to have the opportunity to speak before President Garcia, the leaders and management of Perupetro and on behalf of the various companies signing license contracts. As a native of Peru, I wanted to stress that BPZ Energy has been doing the right things here since the beginning of our operations to develop hydrocarbons, and to give back to the people and communities of Peru.” Mr. Zúñiga continued, “These two new license contracts will now allow us to implement the geologic models we have been developing during the past few years. We look forward providing more details on these two blocks as they become available.”
License contracts were signed by companies from seven countries; such as Pacific Stratus Energy and Talisman from Canada; BPZ Energy, Hunt Oil, Occidental Oil and Gas, and Vetra Peru from the United States; Ecopetrol from Colombia; Petro-Tech Peruana from Peru; Pan Andean Resources from Ireland; ZSN PE from Russia; PVEP Peru from Vietnam; and SK Energy from Korea. The 18 contracts signed during the ceremony were a record for Perupetro during any single event. Additional information on the latest licensing round in Peru can be found at www.perupetro.com.pe.
About BPZ Energy
Houston based BPZ Energy is an oil and gas exploration and production company which has exclusive license contracts for oil and gas exploration and production covering approximately 2.4 million acres in four properties in northwest Peru. It also owns a minority working interest in a producing property in southwest Ecuador. The Company is currently executing an integrated gas-to-power strategy, which includes generation and sale of electric power in Peru and sales of gas into Ecuador for third-party power generation, in parallel with the development of the Corvina oil discovery and the redevelopment of the Albacora oil field. The Company’s website at www.bpzenergy.com provides additional information about the Company’s plans, including photographs and other information with respect to its operations
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