BPZ Resources, Inc. announced that it has resumed oil production at the CX-11 platform in the Corvina field in offshore Block Z-1 in northwest Peru. The Company restarted production under its long-term testing program on May 2, 2008 and plans to ramp up production to approximately 6,000 barrels of oil per day (bopd).
All three Corvina oil wells, the CX11-21XD, the CX11-14D, and the CX11-18XD will come online gradually, ramping up to approximately 6,000 bopd in the next few days. Production is initially being sent directly to the Company's transportation barge. Once the transport barge reaches its cargo capacity the Company's FPSO will be placed into service so as to produce the field continuously on what constitutes the first FPSO oil operation in Peru.
The CX11-18XD retesting, after the use of tubing-conveyed perforating (TCP) guns, showed an increase to 1,300 bopd in DST #3, which is comparable to similar sands tested in the 21XD and 14D wells. The rates achieved in the DST #2 retest did not show any improvement over the previously announced 4,150 bopd. Final cumulative tests rates on the 18XD are 5,950 bopd, making it the well with the best oil deliverability potential among the three producers. The Company will evaluate whether to work over the 18XD well to further optimize production, in particular to address the cementing issues observed during DST #1.
Manolo Zuniga, President and Chief Executive Officer, stated, "The 18XD well is another important achievement for the Company as we have now completed our third oil producing well. We will closely monitor our first three oil producers' performance during this initial long-term testing program so as to be able to optimize the field's long-term development plan. More relevant yet for our shareholders is the fact that this first FPSO system in Peru is allowing us to re-establish oil sales from the Corvina field."
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