BPZ Tests Positive Oil at 10,268 BOPD Offshore Peru

BPZ has announced 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. Re-completion 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 Zuniga, 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 on to Albacora where internal estimates show oil-in-place to be approximately three times the size of Corvina."


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