Business
Bankers Petroleum Announces Three-Year Plan
Albanian Production to Increase to Approximately 20,000 boed by Year-End 2010; Restructuring for ...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nAlbanian Production to Increase to Approximately 20,000 boed by Year-End\n\n\n2010; Restructuring for U.S. Subsidiary in 2008\n\n\nCALGARY, March 25 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is\npleased to introduce its three-year plan of development (the Plan) for its\nAlbanian assets as well as a proposed restructuring for its U.S. subsidiary\nBankers Petroleum (US) Inc.\n\n\nAlbania Three-Year Strategic Plan\n\n\nIn March 2008, the Company completed an Addendum to the Plan of\nDevelopment that outlined the technical, capital and production profiles for\nthe Patos Marinza field. Under this Addendum, Bankers plans to access\nadditional reserves through the application of infill vertical and horizontal\ndrilling, and waterflood and thermal recovery techniques. The Addendum was\nsubmitted to Albpetrol Sh. A. and the Albanian Government and is currently\nawaiting final approval.\n\n\nRegarding the recently acquired Kucova oilfield in Albania, the Company\nwill be completing its evaluation and will disclose details of its capital\nprogram and reserves assessment by the end of the second quarter.\n\n\nThe Plan's total capital investment is estimated to be $370.0 million and\nwill be primarily funded from existing working capital and future cash flow.\nThe Plan's objective is to achieve production target of 20,000 bopd by\nDecember 2010.\n\n\nThe Company's strategic objective is to remain focused on exploration and\nproduction activities in Albania.\n\n\nMaximizing Patos Marinza's Potential\n\n\n------------------------------------\n\n\nThe original plan of development was mainly comprised of recompleting\nactive wells and re-activation of suspended wells through primary cold heavy\noil production (CHOP) of previously operated wells by the state oil company,\nAlbpetrol Sh. A. The new Addendum to the plan of development moves beyond\nprimary recovery techniques, identifying methods to further access the\nsubstantial oil reserves of the field by applying the appropriate extraction\nmethod to each individual formation. The various technologies will be focused\nto maximize the recoveries from each formation through disciplined and staged\nexposure of capital and an overall 'field to formation' development plan.\nWhile the Plan includes approximately $90.0 million for waterflood and thermal\nwork programs, there are no r...