Z-1Navy Blimp Series
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The Z-1 well is hoped to be drilled near to the position of former offset wells, that rendered former geological and geophysical data, the firm included.
Richard Spies, CO0 of BPZ Energy said, "The use of the buoyant tower design has been a key driver in the cost-effective and timely expansion of the development of our Z-1 asset.
1 -- color) A mock-up of the Z-1 Integrated Truss Structure, which will serve as the backbone of the electrical power system for the International Space Station, sits on the grounds of Boeing Co.
The operator plans to drill the Z-1 well close to the location of previous offset wells and in the vicinity of known producers.
These two gas fields are located in Block Z-1 in northwest Peru, where BPZ now owns 100% working interest.
Z-1 CDO is a collateralized debt obligation (CDO), comprised primarily of high yield bonds, that closed Oct.
The Company's first well at Corvina will also satisfy the Company's contractual exploration commitment under the current second exploration period of its Block Z-1 License Contract.
We are excited to recommence drilling at the Albacora field, our second development drilling program now underway at Block Z-1 with our partner Pacific Rubiales Energy Corp, said BPZ Energy President and CEO Manolo Zuniga, At the Corvina field, we expect to share the results of the first development well at the CX-15 platform before the end of October.
As expected, BPZ also announced that the Board of Directors of PeruPetro has approved the Company's earlier acquisition of the remaining interest in Block Z-1 and its designation as operator.
The plan to amend the Block Z-1 License Contract allowing PRE to become a party to the revised agreement, has been approved by the Board of Directors of Perupetro and the Ministry of Energy and Mines.
The Company has an integrated gas to-power strategy which envisions the development of large natural gas resources in Block Z-1 to supply a Company-owned power plant in Peru and sales of natural gas into Ecuador for third-party power generation.