BPZ Energy, an independent oil and gas exploration and production company, has completed drilling of the Albacora A-27D development well at offshore Block Z-1 in Peru.

Drilled to a total measured depth of approximately 14,500ft, the A-27D well had an average of 1,135 barrels of oil per day (bopd) gross for the past 10 days.

The well, for the last 24 hours, had an average production of approximately 905 bopd, 3,700 thousand cubic feet of gas per day and 2 barrels of water per day.

Meanwhile, the new Albacora A-22D development well has been spudded.

The A-22D well will be drilled to a total measured depth of 14,445ft and will test the mid and lower Zorritos sands, with results expected in April 2015.

Currently, the company is nearing completion of Corvina CX15-8D development well with results expected in February 2015.

The company said that the 8D well location helps extend the Corvina field to the southwest.

BPZ Energy president and CEO Manolo Zuniga said: "Given the positive results on the A-27D, we approved drilling of the A-22D well also targeting the Mid and Lower Zorritos formation, particularly the new deeper oil tested in the last three wells.

"We have also decided to perforate deeper sands in the Albacora A-21D and A-26D in the first quarter of 2015. These interventions should enable us to increase production with minimal capital, and we continue to look for other similar opportunities.

"While this work has been approved, the full 2015 capital plan is still under review as we work with our Block Z-1 partner to reduce costs, and with our advisors on financing alternatives."