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Bankers Petroleum Acquires Remaining 50% Interest in Kucova Heavy Oil Field in Albania
Vertical Drilling Commences in Patos Marinza Field CALGARY, July 3 /CNW/ - Bankers Petroleum Ltd....
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[{"type":"text","content":"\n\n\n\nVertical Drilling Commences in Patos Marinza Field\n\n\nCALGARY, July 3 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is\npleased to announce that it has elected to exercise its option to acquire the\nremaining 50% interest in the Kucova oil field, located in Albania, through\nthe acquisition of the remaining 50% of the issued and outstanding securities\nof an independent private company, Sherwood International Petroleum Ltd.\n("Sherwood"). The final closing was completed for a payment of $1.5 million.\n\n\nSherwood is now a wholly-owned subsidiary of Bankers and holds the\nexclusive right to evaluate and redevelop the Kucova heavy oil field pursuant\nto a Petroleum Agreement with Albpetrol Sh.A., the state-owned petroleum\ncompany, and a License Agreement with the National Agency of National\nResources (AKBN). The terms of the Petroleum Agreement are substantially the\nsame as those governing Bankers' Petroleum Agreement for the Patos Marinza oil\nfield in Albania.\n\n\nBankers is in the process of completing a work program and budget to\nfurther develop the Kucova field, which has in excess of 490 million barrels\nof original-oil-in-place and has only produced 5% or 25 million barrels of the\noil-in-place. Bankers' management believes that the use of modern technologies\nand maintenance practices will make this field an attractive candidate for\nfurther development given the low recovery of oil to date. A revitalization\nprogram planned for this opportunity would involve updating surface and\ndownhole equipment, wellbore stimulations, recompletions and the incorporation\nof secondary recovery techniques, such as waterflood recovery.\n\n\nAn independent reserves evaluation to define the remaining reserves and\nproduction potential of the Kucova oil field, compliant with Canadian Security\nAdministrators' National Instrument 51-101, is expected to be completed in\nAugust 2008.\n\n\nVertical Drilling Commences in Patos Marinza\n\n\nOn June 21st, Bankers commenced drilling operations in Albania with the\nspudding of its first vertical infill well. This activity occurs as outlined\nin the Addendum to the Plan of Development for the Patos Marinza oil field,\nwhich calls for 110 vertical and horizontal wells to be drilled by the end of\n2010. The first four wells are being drilled from the same pad, targeting\...