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BPZ Resources provides update on offshore Block Z-1

BPZ Energy provided an update on offshore Block Z-1. Platform monitoring and control system modifications to facilitate operation of the CX-15 platform before new drilling can begin are being worked on by the Block Z-1 partners. Temporary equipment is tracking platform response to weather and ocean conditions as well as draft, while engineering and installation of the modified onboard monitoring and control system is completed. As a precaution, an anchoring system currently under construction in Peru will be installed to provide redundancy to the spud can, which anchors the platform. These modifications are expected to be completed at the same time that the joint technical team completes its review of the available new Corvina 3D seismic data to update the field's geological interpretation. The Company will provide an additional update on the CX-15 drilling campaign in the next two weeks.