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BPZ Energy Provides Block Z-1 Update

Stocks in this article: BPZ

HOUSTON, April 2, 2013 (GLOBE NEWSWIRE) -- BPZ Energy (NYSE:BPZ) (BVL:BPZ), an independent oil and gas exploration and production company, today provided an update on offshore Block Z-1.

Platform monitoring and control system modifications to facilitate operation of the CX-15 platform before new drilling can begin are being worked on by the Block Z-1 partners. Temporary equipment is tracking platform response to weather and ocean conditions as well as draft, while engineering and installation of the modified onboard monitoring and control system is completed. As a precaution, an anchoring system currently under construction in Peru will be installed to provide redundancy to the spud can, which anchors the platform. These modifications are expected to be completed at the same time that the joint technical team completes its review of the available new Corvina 3D seismic data to update the field's geological interpretation.

The Company will provide an additional update on the CX-15 drilling campaign in the next two weeks. 

As per the Block Z-1 joint venture agreement, Pacific Rubiales assumed the role of Technical Operations Manager as of April 1, 2013. As a result, BPZ Energy offshore field operations personnel have been transferred to Pacific Rubiales to facilitate the transition and maintain continuity of operations. BPZ remains Operator of the Block Z-1 license contract with a 51% interest, maintaining responsibility for administrative, regulatory, government and community related duties.

Manolo Zúñiga, President and CEO, commented, "I am pleased with the way the technical teams of BPZ and Pacific Rubiales are working together to improve the technical understanding of our joint opportunities. We have also been working diligently to facilitate the transition as our partner assumes the role of Technical Operations Manager. All these efforts are aimed at beginning the CX-15 drilling campaign and further exploiting the potential of Block Z-1." 

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