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BPZ Energy +13% on promising drilling report

  • BPZ Energy (BPZ +13.1%) shares are surging after the producer of oil in Peru and Ecuador reported progress in its onshore an offshore drilling projects.
  • The first development well at the Albacora offshore field was completed Dec. 23 and has produced an average of ~2,100 bbl/day; total average output for the last seven days at Block Z-1 of ~4,900 bbl/day, with 53% coming from Albacora and the remainder from the Corvina field.
  • Commencement of the back to back three-well onshore exploration campaign at onshore block XXIII began Jan. 5.
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