BPZ Energy +13% on promising drilling report

|About: BPZ Resources, Inc. (BPZ)|By:, SA News Editor

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.