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Bankers Petroleum Achieves Record Quarterly Production of 5,822 BOPD
Production, Operational and Corporate Updates Provided CALGARY, July 21 /CNW/ - Bankers Petroleum...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nProduction, Operational and Corporate Updates Provided\n\n\nCALGARY, July 21 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is\npleased to announce the following production, operational and corporate\nupdates.\n\n\nProduction\n\n\nSecond quarter production averaged 5,822 bopd from the Patos Marinza oil\nfield in Albania. Daily production increased by 12% over first quarter\nproduction of 5,218 bopd, with quarterly exit production of 5,867 bopd. With\nthese results, the Company is well on track to meet its production target of\n7,000 bopd by the end of this year. 42 re-activation operations of existing\nwells were completed during the quarter.\n\n\nDrilling Update\n\n\nOn June 21, Bankers commenced drilling operations in the field with the\nspudding of the first vertical infill well. The well has been drilled and\ncased to a total depth of 1,343 metres. As the first of four wells to be\ndrilled off a drilling pad, the well was programmed to test the potential of\nmultiple Gorani and Driza sandstone formations within the first of numerous\nundrilled spacing units in the field that the Company interprets as being\nundrained areas.\n\n\nLog analysis indicates that eight individual sandstone units, ranging\nfrom 3 to 18 metres of net pay, are hydrocarbon bearing with combined net pay\nof 39 metres. Six of the eight zones were evaluated for reservoir pressure:\ndata confirms that the zones tested were porous and permeable reservoir\nquality sandstones, and that five of the six zones were at or near virgin\nreservoir pressure with the sixth interval demonstrating an approximate 50\npercent pressure depletion. These positive results confirm the Company's\ndrainage model and support its plans to drill an additional 110 vertical and\nhorizontal wells within the field over the next three years.\n\n\nThe second well on the pad reached total depth of 1,390 metres and is\ncurrently being prepared for logging operations. It is anticipated that it\nwill take three more weeks to finish drilling the remaining two wells on the\npad, following which completion operations will commence and the wells will be\nplaced on production. The second and third pads have been built and are ready\nto drill an additional 10 wells in 2008.\n\n\nRig Tender\n\n\nTechnical and commercial evaluation for a second drilling rig capable of\ndrilling horizont...