BPZ Energy Begins Testing Corvina CX-11-18XD Well
BPZ Resources, Inc. announced that OSINERGMIN, the government regulatory agency in Peru responsible for monitoring industrial safety, has cleared the Company to resume operations at the CX-11 platform in the offshore Z-1 Block in northwest Peru. As a result, the Company has begun testing the CX11-18XD well, expected to last approximately one month, and will then proceed to complete the well.
As previously announced, the Company suspended its operations at the CX-11 platform as a result of the incident involving a Navy tanker on January 30, 2008. Additionally, the Company has cooperated with OSINERGMIN by successfully performing the required integrity tests on its equipment and systems at the platform.
The Company is in the final stages of completing the installation of sea-bed pipelines and mooring systems that will allow for an improved long-term testing program. The new program should enable the Company to ramp up production efficiently and allow for a better understanding of the behavior and characteristics of the Corvina oil field. The Company expects to have the floating production, storage and offloading system (FPSO) fully operational around mid-April and is awaiting clarification from the appropriate authorities in Peru regarding the regulatory requirements for oil transportation to the refinery in Talara.
Manolo Zuniga, President and Chief Executive Officer, commented "The restarting of testing operations at the CX-11 platform is a positive step towards resuming our full operations. Results of the drill stem tests on the 18XD well will be released as soon as the results are available. Drilling of the 20XD well will follow the completion of the 18XD. We are also working diligently to bring online a production system that will allow us to ramp up production from the Corvina field in line with our 2008 production targets, once this initial drilling campaign has concluded."
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