Bankers Petroleum's H1 Costs in Albania Fall 1.4%

The operating, sales and transportation costs of Canada’s Bankers Petroleum originating from Albanian-based companies and their employees were $69 million (61.7 million euro) in the first half of the year, down 1.4% on the year, the company said.

In the second quarter alone, costs fell to $32 million from $39 million a year earlier.

Royalties to the Albanian government and related entities were $22 million in January-June, representing 14% of total revenue, Bankers Petroleum said in a statement posted on its website.

"The 2015 third quarter-to-date average production is 19,500 barrels of oil per day (bopd) from the Patos-Marinza and Kucova oilfields in Albania, slightly lower than the second quarter average of 20,050 bopd," Bankers Petroleum said.

In the third quarter of the year the company intends to drill twelve horizontal production wells in the main area of the Patos-Marinza oilfield.

Bankers Petroleum Ltd. is an oil and gas exploration and production company focused on maximizing the value of its heavy oil assets in Albania.

Bankers Petroleum's main operations are 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 oil and gas corporation 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", which is also prospective for natural gas.

Source: SeeNews