Business
Bankers Petroleum Operational Update for the First Quarter 2013
Average Quarterly Production 16,900 bopd and Credit Facility Extension CALGARY, Apri...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\n\n\nAverage Quarterly Production 16,900 bopd and Credit Facility Extension \n\n\nCALGARY, April 5, 2013 /CNW/ - Bankers Petroleum Ltd. (Bankers or the\n Company) (TSX: BNK) (AIM: BNK) is pleased to announce the Company's\n first quarter operational update.\n\n\nProduction, Sales and Oil Prices\n\n\nAverage production from the Patos-Marinza oilfield in Albania for the\n first quarter of 2013 was 16,916 barrels of oil per day (bopd), 4.7%\n higher than 16,163 bopd in the fourth quarter of 2012.  Oil sales\n during the quarter averaged 16,605 bopd, 3.6% higher than the previous quarter average of 16,033 bopd.  The\n crude oil inventory at March 31, 2013 was 340,000 barrels, 26,000\n barrels higher than 313,000 barrels at December 31, 2012.\n\n\nThe Patos-Marinza first quarter average oil price was approximately\n $89.42 per barrel (representing 80% of the Brent oil price of $112.43\n per barrel), as compared with the 2012 fourth quarter average oil price\n of $78.53 per barrel (71% of the Brent oil price of $110.08 per\n barrel).\n\n\nDrilling Update\n\n\nThirty-two (32) horizontal wells were drilled during the first quarter: \n thirty-one (31) horizontal production wells and one (1) horizontal\n lateral re-drill well in the main area of the Patos-Marinza field. \n Twenty-eight (28) of these wells were completed and are on production,\n and four (4) will be placed on production this month.\n\n\nThe Company continues to focus horizontal drilling in the primary Driza\n reservoir zones and has expanded drilling in several Marinza zones with\n encouraging results.  Pattern development drilling for secondary\n recovery techniques in the Marinza and Lower Driza zones has also\n commenced in the first quarter.\n\n\nThe drilling rig damaged in January has now been repaired and the\n Company has five drilling rigs in operation.\n\n\nSecondary and Tertiary Recovery Program\n\n\nThe Company commenced preliminary injectivity testing at the first pilot\n polymer flood location. Following the test completion, expected within\n the second quarter, progression of the pilot will be sanctioned should\n results merit further pilot work at this location.\n\n\nBlock \"F\"\n\n\nThe second exploration drilling location in Block \"F\" is scheduled to be\n drilled in the second quarter of 2013.  Lease access has been o...