"I'm pleased with the accomplishments of our Albanian team in reaching these production targets," said Richard Wadsworth, President. "This represents an annual growth of approximately 2,000 bopd, which is in line with our goal of reaching 10,000 to 15,000 bopd from primary recovery techniques. This illustrates the potential of the Patos Marinza field to continue to provide year-over-year production growth, adding value to our shareholders and Albania."
Bankers has renegotiated its domestic sales price for the heavy crude oil effective January 1, 2007. At current exchange rates, the Company's average domestic sales price increased to approximately US$27 per barrel. The revised price results in a new equivalent Brent ceiling price of US$39 per barrel from the previous US$37 per barrel, and is not expected to decrease unless Brent drops below US$39 per barrel or the Albanian currency depreciates against the U.S. dollar. The renegotiated sales price is denominated in Albanian currency.
In 2006, the Company's average domestic and export sales prices were approximately US$24 per barrel and US$30 per barrel, respectively.
In pursuing its long-term growth strategy, Bankers is focused on accessing the heavy oil upside from its Albanian assets, which includes the effective implementation of the Patos Marinza development plan as well as identifying enhanced recovery techniques to increase the field's reserves. In addition, the Company's strategy involves identifying and integrating other potential opportunities in Albania to increase overall value.
In September, Bankers initiated a scoping study for an enhanced oil recovery (EOR) thermal pilot project for the southern part of the Patos Marinza field to further improve total recovery to the Company. The team is progressing with the evaluation, modeling, economic analysis and engineering of an EOR project. The Company is currently in the process of finalizing the study and will then seek approval of the pilot project from the Board and appropriate Albanian parties. Further detail surrounding the project will be available upon required approvals.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on opportunities in unconventional petroleum assets. Bankers holds interests in four prospects in the Northern and Central regions of the United States, where it is currently pursuing the exploration of shale gas plays. It also operates in the Patos-Marinza oilfield in Albania pursuant to a license agreement, producing heavy oil.
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