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BPZ, Shell unit end talks

Calgary Herald

Published: Friday, January 09, 2009

BPZ Resources Inc. and a unit of Royal Dutch Shell PLC agreed to end talks aimed at jointly exploring for oil and gas in Peru after oil prices slumped.

Houston-based BPZ, which signed a letter of intent with Shell in June, will keep its 100 per cent working interest in blocks Z-1, XIX and XXIII and also Block XXII, which wasn’t part of the proposed deal. All of the blocks are in northwest Peru, BPZ said Thursday.

“A joint venture under the current environment, driven by reduced and volatile commodity prices, could place an unwarranted financial burden on BPZ and its shareholders,” said BPZ chief executive Manuel Zuniga.

© The Calgary Herald 2009

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