Seeking Alpha

BPZ boosts production offshore Peru, shares +3.4%

  • Shares of BPZ Resources (BPZ +3.4%) are strong after the company announced new production from its CX15-2D well offshore Peru.
  • The block is producing a total of 5,425 bbl/day from the Corvina and neighboring Albacora fields, where BPZ is operator with a 51% stake and Pacific Rubiales (PEGFF) holds 49%.
  • The well extends a "positive well streak" for BPZ, Global Hunter analysts say.
  • Also, BPZ plans $86M in capital spending for 2014, $71M to be directed offshore.
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