Business
Bankers Petroleum Provides operational and corporate update
First Oil Shipment from New Port Terminal CALGARY, July 14 /CNW/ - Bankers Petroleum Ltd. ("Banke...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nFirst Oil Shipment from New Port Terminal\n\n\nCALGARY, July 14 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the\n"Company") (TSX: BNK, AIM: BNK) is pleased to announce the following\noperational and corporate updates.\n\n\nNew Vlore Port Export Terminal\n\n\nBankers' inaugural oil export sales shipment out of the Petrolifera Italo\nAlbanese Terminal ("PIA Terminal") in the new port of Vlore, Albania was\ncompleted on July 13, 2009. The export operations went efficiently and three\nadditional export cargos are scheduled for the month of July and four cargos\nin August.\n\n\nBankers' 13,000 cubic meter storage capacity at the PIA Terminal will\nfacilitate faster and larger oil shipments, ensure safer transport and\noffloading operations and can lead to the ability to realize higher oil sales\nprices.\n\n\nProduction and Oil Price\n\n\nSecond quarter production averaged 6,385 bopd from the Patos Marinza oil\nfield in Albania compared to first quarter production of 5,864 bopd. The Patos\nMarinza average oil price for the second quarter was $35.11 per barrel,\nrepresenting 55% of the Brent oil price, as compared to the first quarter\naverage price of $24.73 per barrel (56% of Brent oil price). The Company\nrealized in excess of 60% of the Brent oil price in June for some exports as a\nresult of narrowing light and heavy oil differentials.\n\n\nDrilling Update\n\n\nDrilling on the second horizontal well No. 5014 in the Patos Marinza\nfield commenced on July 8th and is scheduled to reach total measured depth of\n2,000 meters with 500 to 600 meters of lateral section by the end of this\nmonth. The first horizontal well No. 5013, drilled in December 2008, is\ncurrently producing at a rate of 170 bopd and has produced in excess of 26,000\nbarrels since starting production in January 2009. Fluid levels in the well\nremain high. Nine additional horizontal wells are planned for the remainder of\n2009 and Bankers exit production target is 8,000 bopd.\n\n\nIFC / EBRD Warrants\n\n\nThe Company is also pleased to announce that the International Finance\nCorporation ("IFC", a member of the World Bank Group) has exercised its entire\nwarrant holdings of 8.0 million warrants, issued on May 8, 2009 and priced at\nCDN$1.50/share, generating proceeds of CDN$12.0 million. We await a decision\nfrom the Eu...