BPZ Resources' fourth well, the CX11-18XD, located in the offshore Corvina field of Block Z-1, reached total depth of 8,792 feet (measured depth) on January 1, 2008, approximately one month ahead of the previously announced schedule of 60 days. The well is being conditioned in preparation for logging and casing, testing will follow shortly thereafter. The Company plans to test previously proved oil sands as well as prospective oil zones. Testing is expected to take approximately four weeks, depending on the number of tests ultimately conducted.
Manolo Zuniga, President and Chief Executive Officer, commented, "This is yet another significant accomplishment by our operations team in Peru. The sands we encountered had excellent oil shows and further testing will define the potential of this section of the Corvina field." Mr. Zuniga continued, "In particular, we will test the well to prove up new oil zones in sands deeper in the Upper Zorritos formation. The mud log shows that the oil sands we encountered may be thicker than those found in the 21XD and 14D wells, which is in line with our geologic models."
Frederic Briens, Chief Operating Officer, added, "Reaching TD almost a month ahead of schedule gives us the opportunity to ramp up production faster than expected and accelerate the timeline of our Corvina drilling campaign."
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