Bankers Increases 2010 Capex by 275%

Bankers Petroleum has announced its capital expenditure program and production target for 2010. The capital program of US $152 million, an increase of 275% over its 2009 capital program, will focus on major development activities at the Patos Marinza oil field with minor expenditures at Kucova oil field and the newly acquired Block F exploration acreage in Albania.

The 2010 exit rate production guidance has also been revised to 15,000 bopd, an increase of 15% over its previous guidance and an 88% increase over the projected 2009 exit rate of 8,000 bopd.

With the addition of a second drilling rig in January 2010, as previously announced, this effectively doubles the number of horizontal wells to be drilled in 2010. Included in the above budget is a new evaluation program for the area extending to the West and North of the current Plan of Development for the Patos Marinza field. This program has been approved by AKBN, the National Agency for Natural Resources of Albania.