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BPZ Energy Inc., Houston, reported progress on projects in the Tumbes, Talara, and Lancones basins in northwestern Peru.

BPZ Energy Inc., Houston, reported progress on projects in the Tumbes, Talara, and Lancones basins in northwestern Peru.

The company exercised its option to convert a technical evaluation agreement that covers 1.4 million acre Area VI to an exploration and development license. Onshore Area VI covers the entire Lancones basin, which has prospective horizons of Cretaceous and Tertiary age.

BPZ Energy identified 11 leads in two main exploratory sections the past 2 years from reevaluating well log data from 6 wells, reprocessing 400 km of 2D seismic data, conducting a geochemical survey, and integrating the information into a proprietary geological model.

BPZ Energy expects the license to be executed in mid-2006 after it negotiates work commitments with state Perupetro.

Meanwhile, consulting engineers are assessing crude oil reserves in Albacora oil field on 739,520-acre offshore Block Z-1, which BPZ Energy plans to redevelop with an industry or financial partner. The Albacora platform, 100 miles from the Talara refinery, has 3 shut-in oil wells and was producing more than 500 b/d when it was shut-in. Albacora was discovered in 1972.

,p>BPZ Energy also is developing a gas-to-power project based on Corvina field with 4 tcf of original gas in place on Block Z-1. And it holds the license on 473,061-acre onshore Block XIX in the Tumbes basin.

BPZ Energy declined to apply for a license on 109,612-acre Area XVI in the Talara basin after its 2-year evaluation declined to reveal acceptable potential or economics.

Source : ogj.pennnet.com

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