BPZ Gets Go-Ahead for Extended Well Testing in Peru

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BPZ Resources received approval from the Hydrocarbons General Bureau to continue to perform an extended well test on five oil wells in the Corvina field until first commercial production, which is scheduled to come online on May 31, 2010. In its approval, the Bureau set a specific limit on the amount of natural gas flaring from each of the first five wells, so BPZ expects it will have to limit its oil production in order to comply with the limits. The actual future decrease in production is unknown, but the company estimates the decrease could be as much as 400 to 800 bopd. The Corvina field is situated in the offshore Block Z-1 in northwest Peru, which BPZ Resources wholly owns and operates.

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