Friday, Sep 07, 2012
BPZ Energy, (NYSE:BPZ) (BVL:BPZ), an independent oil and gas exploration and production company, today announced that the new Corvina CX-15 platform arrived as scheduled on Wednesday, September 5th, aboard the Osprey transport vessel at the port of Talara in northwest Peru, approximately 4 ? weeks after it departed Nantong, China. The CX-15 platform consists of a hull tower and topside facility.
At the port of Talara, the customs clearing process was completed in one day and the Osprey is now sailing towards the Corvina oilfield with the CX-15 platform onboard. The Company expects to anchor the CX-15 platform, one mile south of the existing CX-11 platform, during the third week of September.
This will be followed by installation of the flare boom and other equipment which will take approximately two weeks, after which the Petrex-28 drilling rig will be mobilized to the CX-15 platform. It is expected that the necessary environmental permit required to conduct drilling operations from the CX-15 platform will be received from the Peruvian authorities before the drilling rig is mobilized.?The Company expects to spud the first oil well of the CX-15 drilling campaign in late October.
ABOUT BPZ ENERGY
Houston-based BPZ Energy, which trades as BPZ Resources, Inc. on the New York Stock Exchange and the Bolsa de Valores in Lima, is an independent oil and gas exploration and production company which has license contracts for oil and gas exploration and production covering approximately 2.2 million gross acres in four properties in northwest Peru.?In partnership with Pacific Rubiales Energy Corp., the Company is currently executing the development in Block Z-1 of the Corvina oil discovery, as well as the redevelopment of the Albacora oil field.?In addition, the Company is pursuing the exploration of Blocks XIX, XXII and XXIII, in parallel with the execution of an integrated gas-to-power strategy, which includes generation and sale of electric power in Peru and the development of a regional gas marketing strategy.?The Company also owns a non-operating net profits interest in a producing property in southwest Ecuador.?Please visit the Company's website at www.bpzenergy.com for more information.
Source: BPZ Energy
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