Bankers Petroleum Q3 Avg Daily Output from Albanian Oilfield Rises 6.0% q/q

Canadian company Bankers Petroleum said on Monday its third-quarter average production from the Patos-Marinza oilfield in Albania totalled 21,865 barrels of oil per day, up 6.0% quarter-on-quarter.

A total of fourty-five wells were drilled and rig released during the third quarter in the main area of the Patos-Marinza oilfield, 44 of which horizontal production wells, and Bankers' first multi-lateral well, the company said in a statement posted on its website.

A total of 35 of these wells were completed and are on production, and the remaining will be placed on production in October.

Bankers' main operations are located in Albania, where the company has the full rights to develop the Patos-Marinza and Kucova heavy oilfields pursuant to 25-year license agreements with the Albanian National Agency for Natural Resources and a Petroleum Agreement with Albpetrol.

The Patos-Marinza oilfield is the largest onshore oilfield in continental Europe, holding approximately 7.7 billion barrels of original oil in place. The Kucova field has 297 million barrels of original-oil-in-place.

Bankers also holds a seven-year exploration license on a 185,000 acre block named "Block F" in Albania, which is also prospective for natural gas.

Source: SeeNews