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Bankers Petroleum Operational Update for the Second Quarter 2013
Average Quarterly Production 17,800 bopd CALGARY , July 4, 2013 /CNW/ - Bankers P...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\nAverage Quarterly Production 17,800 bopd \n\n\nCALGARY, July 4, 2013 /CNW/ - Bankers Petroleum Ltd. (Bankers or the\n Company) (TSX: BNK) (AIM: BNK) is pleased to announce the Company's\n second quarter operational update.\n\n\nProduction, Sales and Oil Prices\n\n\nAverage production from the Patos-Marinza oilfield in Albania for the\n second quarter of 2013 was 17,800 barrels of oil per day (bopd), 5%\n higher than 16,919 bopd in the first quarter.  Oil sales during the\n quarter averaged 18,008 bopd, 8% higher than the previous quarter average of 16,605 bopd.  The\n crude oil inventory at June 30, 2013 was 330,000 barrels, 10,000\n barrels less than 340,000 barrels at March 31, 2013.\n\n\nThe Patos-Marinza second quarter average oil price was approximately\n $80.36 per barrel (representing 78% of the Brent oil price of $102.44\n per barrel), as compared with the first quarter average oil price of\n $88.70 per barrel (representing 79% of the Brent oil price of $112.57\n per barrel).\n\n\nFor the six months ended June 30, 2013 oil sales were 17,310 bopd\n ($84.34 per barrel) an increase of 26% from 13,724 bopd ($80.57 per\n barrel) for the comparable 2012 period.\n\n\nDrilling Update\n\n\nThirty-nine (39) horizontal wells were drilled and rig released during\n the second quarter in the main area of the Patos-Marinza oilfield: \n thirty-five (35) horizontal production wells and four (4) horizontal\n lateral re-drills.  Thirty-four (34) of these wells were completed and\n are on production, and the remaining five (5) will be placed on\n production in July.\n\n\nThe Company continues to focus on pad drilling within production\n fairways and ongoing legacy vertical well remediation, where necessary,\n ahead of the program. Pattern development drilling for secondary\n recovery techniques in the Marinza and Lower Driza zones has continued\n in the second quarter.\n\n\nSecondary and Tertiary Recovery Program\n\n\nThe Company progressed with the first polymer flood pilot, converting a\n second well to injection. With continued satisfactory results, a\n further three wells are expected to be converted in the third quarter.\n Contingent on pilot results, commercial polymer preparation equipment\n has been sourced for delivery in 2014. A water flood pattern was also\n initiated with the first well converted and pl...