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Bankers Petroleum completes construction of thermal steam project in Albania
Bankers Petroleum completes construction of thermal steam project in Albania.
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nExport Shipments Significantly Increase Revenue and Cash Flow\n\n\nCALGARY, Oct. 24 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is\npleased to announce that the construction of its thermal steam project has\nbeen completed in Albania and testing and steam injection has commenced. The\nobjective of these tests is twofold: to learn the reservoir response in\nrelation to the Company's modelling, and to implement the steaming techniques\nunder field conditions. The completion of tests is expected to lead to a pilot\nproject with newly drilled wells on a pattern for cyclic steam injection in\nlate 2008 and subsequent steam flooding.\n\n\n"This is an important first step in our drive beyond primary recovery\ntechniques towards capturing additional reserves and production," said\nRichard Wadsworth, President. "Every one percent additional recovery on this\n2.0 billion barrel OOIP resource will be important in terms of volumes and\nvalue to the Company and our shareholders."\n\n\nIn September, Bankers commenced sales to a third export refinery,\nproviding increased revenue and cash flows. Bankers has continued to improve\nupon the export price of the Albanian crude, which has significantly increased\nnetback and offset the impact of lower than anticipated production growth.\nConstruction of the central treatment facility was completed in October,\nproviding additional storage and treatment ability for the Company's heavy\noil. It will assist in streamlining the treatment and transportation process.\n\n\nProduction from the Patos Marinza oilfield averaged 5,000 bopd in\nSeptember. While new production has been brought on stream as anticipated\nthrough ongoing well re-completions, unexpected decreases have resulted in\nproduction remaining flat over the past quarter. This is believed to be due to\nseveral factors that are mainly external to reservoir performance including:\nthe previously announced water disposal constraints; unanticipated serious\nmechanical wellbore and isolation failures; increased water production coming\nfrom shallower and deeper water bearing zones; and a shortage of rig workover\ncapacity and specialised well servicing equipment.\n\n\nAs a result, Bankers does not anticipate it will be able to meet its 2007\naverage and exit production targets. The Company expects slower growth i...