BPZ Reopens Well in Albacora Field

BPZ has reopened the A-14XD well, which was shut-in on July 12, in its Albacora field after receiving the required Extended Well Testing and gas flaring permits. The permits are valid for six months and include limits on the amount of gas that can be flared during that period. BPZ believes that the allocated amount of gas to be flared under the permit should allow the well to produce under the same conditions as before, for most of the allocated time. BPZ intends to request an additional EWT period to allow for the well to stay open until the appropriate gas re-injection equipment is commissioned. In the mean time, the company is conducting an engineering study on the field to assess the equipment needs to inject the associated gas and efficiently transition the field into commercial production, in order to minimize potential future production interruptions due to the EWT regulations. The Albacora oil field, located on Block Z-1 offshore northwest Peru, is wholly owned and operated by BPZ Resources, Inc.

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