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Bankers Petroleum Operational Update for the Second Quarter 2014
Average Quarterly Production 20,630 bopd CALGARY , July 7, 2014 /CNW/ - Bankers P...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\nAverage Quarterly Production 20,630 bopd \n\n\nCALGARY, July 7, 2014 /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 2014 was 20,630 barrels of oil per day (bopd), 3.6%\n higher than 19,911 bopd in the first quarter of 2014.\n\n\nOil sales during the quarter averaged 21,627 bopd, 17.3% higher than the\n previous quarter average of 18,435 bopd, with inclusion of the export\n cargo that carried over from the first quarter into the first few days\n of April.  Crude oil inventory at June 30, 2014, decreased 20% to\n 354,000 barrels, 90,000 barrels lower than 444,000 barrels at March 31,\n 2014.\n\n\nThe Patos-Marinza second quarter average oil price was approximately\n $86.68 per barrel (representing 79% of the Brent oil price of $109.63\n per barrel), as compared with the first quarter average oil price of\n $87.39 per barrel (representing 81% of the Brent oil price of $108.21\n per barrel).\n\n\nFor the six months ended June 30, 2014, average oil sales were 20,040\n bopd ($87.00 per barrel) an increase of 16% from 17,310 bopd ($84.39\n per barrel) for the comparable 2013 period.\n\n\nDrilling Update\n\n\nForty-two (42) wells were drilled and rig released during the second\n quarter in the main area of the Patos-Marinza oilfield: thirty-nine\n (39) horizontal production wells and three (3) horizontal lateral\n re-drills. Thirty-four (34) of these wells were completed and are on\n production with the remaining eight (8) to be placed on production in\n July pending drilling rig move off the pad, well completions and\n facilities tie-in.\n\n\nThe Company continues to focus on development in the main area of the\n Patos-Marinza oilfield through multi-well pad drilling with six\n drilling rigs currently in operation.\n\n\nSecondary Recovery Program\n\n\nClose monitoring continues on the water and polymer flood programs.  All\n patterns continue to show positive early stage production trends.\n Reservoir pressure and production response are rising and following\n current projection models with injection performance achieving target\n rates indicative of good reservoir conformance.\n\n\nTo...