BPZ Energy announced positive year-end results from Block Z1, off Peru.
The company said that it boosted Block Z1's current gross production levels in excess of 4,900 bo/d, and that several more development wells are planned to be drilled in the area. It also reported production from a new well in its Albacore development.
Block Z-1 covers 739,205 acres in the Tumbes Basin, with oil currently produced from the Corvina and Albacora fields. The Corvina field has 13.4 MMbo at year-end 2012.
Spud on Sept. 30, 2013, the Albacora A-18D development well was completed Dec. 23, 2013, with a production rate of 2100 bo/d. At the time of drilling, the targeted depth was announced to be 12,000ft.
The Albacora A-19D development well was spud on Jan. 1 with a targeted total measured depth of 12,400ft.
Albacora is the company’s second developmental drilling program in Block Z-1. The Corvina field, also off Peru, went online in December 2010. The company announced Jan. 8 that drilling operations on the CX15-2D well continued after a drill pipe became hung up on the wellbore at 8750ft. The well is expected to be completed later this month after it was sidetracked and a 2300ft.-section redrilled. Good oil shows were observed during drilling in the targeted oil section.
The company announced Dec. 18, 2013 that testing on the CX-15-1D well was ongoing, and that it averaged 430 bo/d for a 45-day span, with a 24-hour period peak of 535 bo/d. Fourth and fifth intervals have yet to be tested.
Average gross production for the last seven days at Block Z-1 has been approximately 4,900 bo/d (2,500 bo/d net) with 53% of the total coming from Albacora and the remainder from Corvina.
Q4 2013 gross production averaged approximately 2,725 bopd (1,390 bopd net) and included test production from the CX15-1D and Albacora A-18D wells. Full year 2013 Block Z-1 average gross production was 2760 bo/d (1,408 bo/d net.)
BPZ Energy (51%) partners with Pacific Rubiales Energy Corp. in a joint venture for Block Z-1.
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