According to BPZ Energy, it will maintain its 100% working interest in blocks Z-1, XIX, and XXIII, as well as Block XXII which was not part of the proposed transaction, all of which are located in northwest Peru.
Manolo Zuniga, president and CEO of BPZ Energy, said: “Although both parties worked hard during the past few months to reach an agreement that was mutually beneficial and acceptable, both sides determined that the complexities involved in completing the transaction within the guidelines defined by the memorandum of understanding were far greater than anticipated.”
Houston based BPZ Energy is an oil and gas exploration and production company which claims to have exclusive license contracts for oil and gas exploration and production covering approximately 2.4 million acres in four properties in northwest Peru. The company also owns a minority working interest in a producing property in southwest Ecuador.
