BPZ Energy provided an offshore and onshore operations update.

OFFSHORE BLOCK Z-1

CX-15 Corvina Field

It is expected that CX-15 drilling operations will begin in early July, upon completion of pre-drilling preparations currently underway. These preparations include installation of a platform anchoring system, already constructed, which will provide redundancy to the existing platform spud can. As a further precaution, ocean floor disturbance around the platform spud can will also be remediated with sand. Installation of the enhanced platform draft monitoring equipment is complete, and improvement to control system instrumentation is expected to be completed by late June.

Albacora Field

After review of 3D seismic results, the joint venture operating committee has agreed to reinitiate the Albacora development drilling campaign. Spudding of the first well is expected by early August 2013, once the Petrex 18 drilling rig is mobilized to the platform, with drilling and completion of the well estimated to take twelve weeks.

Tags: BPZ Energy