Bankers Petroleum reported that its third quarter production averaged 6,258 bopd from the Patos Marinza oil field in Albania compared to second quarter production of 6,383 bopd. The slight drop in production was due to restricted production during the month of July caused by water disposal infrastructure enhancements, which have since been completed. Current production is 7,000 bopd with 300 bopd shut-in pending well servicing.
The Patos Marinza average oil price was US $40.70 per barrel representing 60% of the Brent oil price, compared to second quarter's average oil price of US $34.63 per barrel (59% of Brent).
The Company resumed oil delivery during the quarter to the two local refineries at Fier and Ballsh, following receipt of several payments of an agreed upon scheduled re-payment plan of outstanding invoices.
Five horizontal wells have been drilled and completed during the quarter; three oil wells, 5014, 5017 and 5018 are on production, one well, 5020 (500 meter lateral in the D3 formation), was drilled and completed as an oil well and will be placed on production this week, and one well, 5016 (600 meter lateral oil pay in the D3), is awaiting well repairs of adjacent wells causing water intrusion in this well bore and is expected to be returned to production this month. Well 5014 (475 meter lateral in the D3) is producing at a rate of 200 bopd. Well 5017 (with only a 160 meter lateral in the D3) is producing at a rate of 75 bopd and improving, Well 5018 (600 meter lateral in the D5) is producing at a rate of 65 bopd and improving. The first horizontal well, 5013 (375 meter lateral in the D3) drilled in December 2008, is producing at a rate
Bankers has entered into an agreement for the provision of a drill rig with Crosco, Integrated Drilling & Well Services Co., Ltd. of Croatia. The 850 hp rig is depth-rated for 3,000 meter wells. The contract is for one year with an option to extend for a second year. The rig will be mobilized in October, arriving in Albania in late November, with an anticipated spud date of January 2010. The additional rig will provide Bankers with the capacity to drill another 20 to 24 horizontal and vertical wells during 2010, which will help accelerate field development plans and production. Details of the 2010 capital program and budget will be disclosed in late November following receipt of necessary approvals.
The present operating drilling rig, Simmons No. 51, is currently undergoing upgrades to increase its drilling depth rating from 2,000 meters to
Well Re-activations and Re-completions
Twelve wells were reactivated and an additional five wells were returned to production after recompletion activities during the quarter. Recompletions in the Driza formation in the northern part of the field proved to be successful; of particular significance is a well that was completed in the Lower Driza 4 formation and is currently producing at a rate of 105 bopd. The Company is planning an aggressive horizontal drilling campaign in this deeper portion of the field which shows essentially virgin reservoir pressure.
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