Bankers Petroleum Ltd. (BNK.TO) announced a fourth quarter operational update.
PRODUCTION, SALES AND OIL PRICES: Average production for the fourth quarter was 16,163 bopd, representing a 3.5% increase from 15,616 bopd in the third quarter. While late November and early December production volumes were impacted by heavy rains, production continued to grow steadily. Average oil production for 2012 was 15,020 bopd, 15% higher than 2011 average production of 13,051 bopd.
Oil sales from the Patos-Marinza oilfield in Albania during the fourth quarter averaged 16,033 bopd. Average oil sales for 2012 were 14,805 bopd, 16% higher than 2011 sales of 12,784 bopd. Crude oil inventory on December 31st was 313,000 barrels, an increase of 12,000 barrels from September 30th.
The Patos-Marinza fourth quarter average oil price was approximately US$79.12 per barrel, representing 72% of the Brent oil price of US$110.02 per barrel, as compared with the third quarter average oil price of US$79.58 per barrel (73% of Brent oil).
The average oil price for 2012 was US$79.91 per barrel (72% of Brent oil), a 10% increase from US$72.84 per barrel (65% of Brent oil) for 2011.
DRILLING UPDATE: Twenty-nine wells have been drilled during the fourth quarter: 20 horizontal production wells, six horizontal lateral re-drill wells, one appraisal well and two vertical core wells in the main area of the Patos-Marinza field. Nineteen (19) of the horizontal production wells have been completed and are on production plus an additional two horizontal laterals that were drilled from the wellbore of the two cored wells.
A total of 128 wells were drilled in 2012: 111 horizontal production wells, seven lateral re-drills, one appraisal well, four vertical core delineation wells, and four water disposal wells in the Patos-Marinza field, plus one exploration well in Block "F".
Four drilling rigs are currently operating at Patos-Marinza and drilling in the field. The fifth rig was loaned to another operator in the country for an eight week term and is anticipated to resume operations at Patos-Marinza in the next week.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
