Intial production rates from the Albacora A-27D development well at Block Z-1 offshore Peru have been released by BPZ Energy. For the last 10 days, the well has averaged about 1,135 bbl/d gross. For the last 24 hours, the well has averaged production of about 905 bbl/d, 3,700 cf/d and two barrels of water per day, according to a news release.

Gas is mostly reinjected due to the lack of a local commercial market at this time. The company said the well, which was drilled to a total measured depth of about 4,420 m (14,500 ft), is producing better than previous recent wells due to additional pay opened in the Lower Zorritos sands.

Given the positive results of the A-27D, the new Albacora A-22D development well was spud on Jan. 10 2015, BPZ said. Targeted measured depth of the A-22D well is 4,403 m (14,445 ft), which will also test the mid and lower Zorritos sands. Results are expected in April.

The Corvina CX15-8D development well is currently being completed with results expected in February 2015. The 8D well location helps extend the Corvina field to the southwest.

Block Z-1 Production from the Corvina and Albacora fields for 2014 averaged 5,055 gross, or 2,578 bbl/d net to BPZ, which represents an 83% increase compared to full year 2013 production of 2,761 bbl/d gross, or 1,408 bbl/d net.

For fourth-quarter 2014, production averaged about 5,276 bbl/d gross, or 2,691 bbl/d net, which was 10% above third-quarter 2014 production, and 94% higher than fourth-quarter 2013 production, the release said. The 2014 exit rate for production was about 5,200 bbl/d, or 2,652 bbl/d net.

January 2015 production to date has averaged about 5,443 bbl/d gross, or 2,776 bbl/d net.

The company holds a 51% participation in Block Z-1 and all referenced well production.