BPZ Energy provided an update to Block Z-1 operations as well as year-end 2012 oil reserves.

Corvina CX-15 Drilling

Preparations for the new CX-15 development drilling campaign continue with some delays deemed necessary to make adjustments to the platform's draft (submerged depth). As a result, the first well spud is expected to occur within three to six weeks, depending on progress, as well as weather and sea conditions. Targeted depth of the first CX-15 well, named 4D, will be approximately 6,700 feet subsea. Conventional cores of the reservoir rocks will also be cut during drilling operations.

Corvina CX-11 Workovers

The workover campaign at the CX-11 platform has resumed with work currently underway at the 14D well, which will be followed by a workover on the 15D well. Other CX-11 wells are under review for potential workovers during 2013.

Tags: BPZ Energy