BPZ Mobilizes Rig to Corvina Platform, Wins Bid for Additional Acreage

BPZ Energy, Inc. announced that on Monday it commenced mobilization of the drilling rig to its Corvina CX-11 platform, located offshore northwest Peru.

The drilling rig passed all the acceptance tests performed at the drilling contractor's yard. Final acceptance will be issued once all equipment has been fully rigged up and properly tested on the Corvina platform. Refurbishment of the platform has been completed, and the platform was evaluated as fit for operations by ABSG Consulting, Inc., a worldwide independent risk management consulting company.

The tender-assist barge BPZ-01 has been inspected by local naval authorities and was granted all required navigation permits. BPZ has also secured access to a fully operational dock for loading the drilling rig and related equipment onto the BPZ-01 barge for mobilization to the platform. Once the mobilization is completed, the BPZ-01 barge will be moored alongside the platform to provide assistance during the drilling operations.

“We are very pleased to have entered the mobilization phase of our drilling campaign and look forward to spudding the first Corvina gas well next month,” said Manolo Zuniga, BPZ’s president and CEO. “We are confident that our drilling campaign will prove up substantial additional natural gas reserves, as well as demonstrate gas deliverability required for our planned 160-MW power plant and our Ecuador gas exports project.”

As previously announced, the Corvina gas field has more than 3 trillion cubic feet of proved, probable, and possible natural gas reserves as certified by Gaffney, Cline & Associates, Inc. using the 1997 definitions and standards adopted by the SPE/WPC.

In another announcement, BPZ said that Perupetro in late June selected the company’s proposal for the 248,000-acre Block XXIII as the winning bid in its recent tender process. BPZ is in the process of presenting all necessary documentation to become the qualified operator of this new block and will begin negotiating the exploration and development license contract over the next few weeks. Block XXIII is located onshore in northwest Peru along the coastline between the company's blocks Z-1 and XIX.

“We are excited about having the winning bid on Block XXIII,” added Zuniga. “This area represents an important building block in the long-term growth of BPZ Energy, as it complements our existing position in the prospective Tumbes BPZ Energy Houston-based BPZ Energy, Inc. is an oil and gas exploration and production company with properties in northwest Peru and southwest Ecuador. It is executing an integrated gas-to-power strategy that includes generation and sale of electric power in Peru and sales of gas into Ecuador for third-party power generation. BPZ has exclusive rights and license agreements for oil and gas exploration and production covering approximately 2.4 million acres in four properties in northwest Peru. It also owns a working interest in a producing property in southwest Ecuador.

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