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BPZ Resources, Shell seek Peruvian joint venture

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BPZ Resources, Shell seek Peruvian joint venture

BPZ Resources, Shell in talks to form joint venture in Peru, BPZ Resources shares soar
June 26, 2008: 11:35 AM EST
NEW YORK (Associated Press) – Shares of BPZ Resources Inc. soared Thursday after the oil and gas exploration and production company said it is in talks with a unit of Royal Dutch Shell PLC about jointly developing properties in Peru.

Under terms of a memorandum of understanding signed by BPZ and Shell Exploration Co., the companies agreed to negotiate terms of a so-called farmout agreement whereby Shell may earn a stake in three northwestern Peru properties that are believed to hold significant crude oil and natural gas reserves.

The memorandum envisions a joint venture in which Shell pays BPZ, collects seismic data on the parts of the properties, or blocks, and drills wells. A spokesman for BPZ said some of the properties are off Peru’s coast.

The goal of the negotiations, expected to conclude this year, is “large-scale oil and gas ventures, including regional power generation, gas supply for local and regional industry, and (liquid natural gas).”

Shares of BPZ rose $3.41, or 13.8 percent, to $27.80 in midday trading

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