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BPZ Resources rallies on Shell pact in Peru
By Steve Gelsi
BPZ Resources Inc. (BZP:
BZP 27.77, +3.34, +13.7%) on Thursday said it reached a memorandum of understanding with a unit of Royal Dutch Shell (RDSA:
royal dutch shell plc spons adr a
RDSA 78.83, -0.52, -0.7%) to develop oil and gas ventures in Northwest Peru. Shell Exploration Company (West) B.V. (Shell) will commit to an exploration and appraisal program worth up to a proposed $300 million. Regional power generation, gas supply for local and regional industry and liquid natural gas production are all in the works. Shares of Houston-based BPZ jumped 14% to $27.88 in recent trades.
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