Bankers Petroleum Sees Increase in Albanian Reserves
Bankers Petroleum provided the results of its December 31, 2009 independent reserves evaluation and reports the fifth consecutive year of reserves additions since Company inception in 2004.
Evaluations were conducted by RPS Energy Canada for the Patos Marinza oilfield, Albania and by DeGolyer and McNaughton Canada for the Kuçova oilfield, Albania and were prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.
Total Albania Reserves Summary
- Proved reserves ("1P") of 92.8 million barrels (34% increase from December 31, 2008 after production of approximately 2.3 million barrels in 2009 representing over eleven times production replacement)
- Proved plus probable reserves ("2P") of 213.9 million barrels (19% increase from December 31, 2008)
- Proved, probable and possible reserves ("3P") of 422.3 million barrels (36% increase from December 31, 2008)
- Mean original oil in place resource estimate ("OOIP") of 6 billion barrels (21% increase from December 31, 2008)
Patos Marinza Field
- 1P reserves increased 34% to 90 million barrels of oil from 67 million barrels at December 31, 2008 after 2009 production
- 2P reserves increased 19% to 203 million barrels (December 31, 2008 - 170 million barrels)
- 3P reserves increased 42% to 390 million barrels (December 31, 2008 - 275 million barrels)
- OOIP estimate (Pmean) increased 23% to 5.7 billion barrels
- All of Patos Marinza's 2009 reserves estimates are from primary recovery methods only
The 2009 reserves growth is primarily attributable to improved well performance and the Company's horizontal development drilling results. This is reflected in the upgrade of 2P and 3P reserves into 1P and 2P reserve categories, respectively, and the expansion of the 3P reserves and OOIP.
Patos Marinza Contingent and Prospective Resources
RPS has also assigned Contingent and Prospective Resource oil estimates for the mapped area, western extension, and prospects beyond current mapping within the Patos Marinza oilfield. As of December 31, 2009, Pmean Contingent Resource of 821 million barrels and Pmean Prospective Resource of 382 million barrels have been attributed based on thermal recovery technologies to be applied to the Gorani and Driza formations and secondary water flood recovery methods in the Marinza formation.
"Quantifying Contingent and Prospective resources at Patos Marinza validates the Company's plans for a thermal pilot and water flood injection programs proposed for the 2010 capital program. Success of such initiatives can lead to the conversion of significant volumes of these resources to recoverable reserves and the subsequent implementation of a commercial field expansion in 2012 and beyond" said Abby Badwi, President and CEO of Bankers.
The Kuçova field was acquired in 2008 and based on assessments completed to date, the field development scope will be focused on waterflood development. There was no Company production from the field in 2009, however the field assessment activities performed in 2009 resulted in refinements to the field development and had a favorable impact on the year end reserve valuation.
- 1P reserves 3.2 million barrels (2.4 million barrels in 2008)
- 2P reserves 11.4 million barrels (10.1 million barrels in 2008)
- 3P reserves 32.0 million barrels (35.5 million barrels in 2008)
- OOIP estimate remains unchanged at 297 million barrels
Net Present Value of Total Albania Reserves (After Tax, discounted at 10%)
- 1P reserves US$526 million, an increase of 88% from US$280 million at December 31, 2008
- 2P reserves US$1.5 billion, an increase of 51% from US$1.0 billion at December 31, 2008
- 3P reserves US$3.0 billion, an increase of 76% from US$1.7 billion at December 31, 2008
- Values are based on RPS (Patos Marinza) and D&M (Kuçova) January 1, 2010 price forecast tables summarized below
- Basic shares outstanding of as of December 31, 2009 were approximately 228 million
- China's Geo-Jade Petroleum Acquires Canada's Bankers Petroleum for $440M (Mar 21)
- Bankers Petroleum Increased Production 21% in 2013 (Jan 07)
- Bankers Petroleum Welcomes CEO (Mar 21)