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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: fp_scientist who wrote (76849)12/27/2006 8:25:27 AM
From: Ed Ajootian  Read Replies (1) of 206329
 
fp_scientist, BPZ Energy (BPZI) -- Morgan Keegan, a highly respected firm, wrote an exhaustive 23 page report on BPZ a few weeks ago. Included in this report was an extensive list of risks regarding an investment in BPZ, 2 pages in length. No such competing project was mentioned anywhere in this report. This report can be purchased at Yahoo reports for $90, see reports.finance.yahoo.com .

First production of electricity is not expected until 2008.

The wells in the Corvina field cost $8 M each, including testing and completion. BPZ has a great rate on the rig they are using because they shelled out something like $5 M to get it refurbished so that it would be useable. Its very hard to get rigs in Peru, and looking for a rig delayed the project for many months. Finally they took matters into their own hands and refurbished the one they are using, in exchange for a very favorable day rate on the rig.

I believe some of the deeper oil prospects that BPZ has would cost a lot more than $8 M to drill. These would not be drilled for at least several years, if ever, and I am not even counting them in the picture at this point. It would seem to me that BPZ would be crazy to be going after that deep expensive stuff while they still have prospects that can give them a shot at discovering 300 BCF of gas for the expenditure of a mere $8 M.

Not sure what you are asking regarding the Amex listing. What more do you want?
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