BPZ Energy Successfully Tests Oil at 10,268 bopd from CX11-20XD
Business Wire
7:00 AM Eastern Daylight Time Oct 13, 2008
BPZ Resources, Inc. (NYSE Alternext US:BPZ) announces the oil test results from the CX11-20XD well in the Corvina
field of the offshore Block Z-1 in Northwest Peru. The Company completed two drill stem tests (DST) on four sets of oil
sands in the well testing a cumulative flow rate of 10,268 barrels of oil per day (bopd).
Tests on the oil zones produced 100% oil with no water. The first DST achieved stabilized rates of 4,965 bopd with
choke of 60/64, while the second DST achieved stabilized rates of 5,303 bopd with a similar choke size. The well will
now be completed as an oil producer under the long-term testing program currently ongoing at the Corvina field. Recompletion
of the well with dual production strings will take place at a later date at a time when the gas is needed for
the Company’s gas-to-power project.
Manolo Zúñiga, President and Chief Executive Officer stated, “At 10,268 bopd, the 20XD has exceeded our
expectations for initial test rates and will likely meet our three objectives of drilling our best oil producer to date,
enhancing Corvina’s oil-in-place estimates and, consequently, increasing oil reserves. This was by far the most difficult
well we have drilled, but the results are indeed rewarding. Each DST was carried out over the course of several days,
giving us important information needed to update reserves. The tested oil was sent directly to our floating, production,
storage and offloading barge. We will now complete the 20XD well as an oil producer so it may be placed in the
ongoing long-term testing program aimed at establishing the reservoir drive mechanism, so as to be able to more
accurately forecast field production. The next well, the CX11-15D, will be spud as soon as the rig is moved to the
corresponding slot. It is important that we move forward with the 15D, the final well in this initial Corvina drilling
program from the CX11 platform, so that we can move
