In the same category
Bankers Petroleum Operational Update for the Fourth Quarter 2014
Published : January 06, 2015
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Albania | Growth | London | Market | Oil | Recovery | Water |

Bankers Petroleum Operational Update for the Fourth Quarter 2014

Record Year with 2014 Average Production of 20,687 bopd

CALGARY, Jan. 6, 2015 /CNW/ - Bankers Petroleum Ltd. (Bankers or the Company) (TSX: BNK, AIM: BNK) is pleased to announce the Company's fourth quarter operational update.

Production

Bankers achieved 14% growth in 2014 with average production of 20,687 bopd compared to 2013's average production of 18,169 bopd.  For the fourth quarter 2014, average production from the Patos-Marinza oilfield in Albania was 20,324 bopd.

In November, the Company elected to shut-in production from several higher water-cut wells due to reduced water handling capacity after a disposal pump failure.  The replacement parts needed for the pump are due to arrive in country by mid-January and disposal rates will be resumed throughout the balance of the first quarter.  Two additional water disposal wells are planned in later in 2015 to provide additional water handling capacity.

While a large amount of uncertainty around oil prices will have an impact on the level of capital deployment, Bankers is carefully evaluating the economic return of each well in the field on a regular basis.  The Company will continue to manage work-over activity and operational practices of marginal volumes in accordance with the current economic environment.

Sales and Oil Prices

In 2014, oil sales averaged 20,678 bopd, 14% higher than the average sales in 2013. During the fourth quarter, oil sales averaged 20,619 bopd, 6% lower than the previous quarter average of 21,992 bopd. Crude oil inventory at December 31, 2014 decreased to 315,500 barrels compared to 342,500 barrels at September 30, 2014. 

The Patos-Marinza fourth quarter average oil price was approximately $57.31 per barrel (representing 75% of Brent oil price of $76.27 per barrel), as compared with the third quarter average oil price of $78.55 per barrel (representing 77% of Brent oil price of $101.85 per barrel).  Sales to the export market during the fourth quarter represented 64% of total sales (net of in-kind royalties), at an average export price of 77% of Brent oil price.

Bankers continues to maintain its 2015 hedge program covering 6,000 bopd whereby the difference between the monthly Brent price and $80/bbl is received within the first week of the following month.  For December 2014, the cash settlement represented US$3.3 million. At December 31, 2014, the 2015 hedge represented a valuation of US$44 million.

Drilling Update

In 2014, Bankers drilled a record total of 160 horizontal wells. In the fourth quarter, thirty-nine (39) wells were drilled and rig released: thirty-seven (37) horizontal wells plus one (1) lateral re-drill were in the main area of the Patos-Marinza oilfield and the Company's first horizontal well was drilled in Kuçova. Thirty (30) of these wells including the Kuçova well were completed and are on production with the remaining nine (9) to be placed on production in January pending drilling rig move off the pad, well completions and facilities tie-in.

As previously announced, Bankers has chosen to lay down two (2) of its drilling rigs in December, with a third to follow in early January. The Company will continue to drill utilizing a three (3) rig program and projects 85 – 90 new horizontal wells in 2015 pending oil prices.

Secondary Recovery Program

The polymer flood and water flood patterns in the Patos-Marinza oilfield continue to perform to model expectations from the nineteen (19) polymer and four (4) water flood patterns installed at the end of the fourth quarter. Reservoir pressure and production response are positive with good reservoir flood conformance.  Peak rates are being managed to control draw-down across the laterals of the producers in all patterns to establish stable operating conditions.

Two (2) additional wells were converted to injection in the fourth quarter bringing the total number of implemented patterns to four (4) water flood injectors in the Upper Marinza (M0 reservoir sand), thirteen (13) polymer flood injectors in the Lower Driza spread evenly between the D5, D4, and D3 reservoir sands with an additional injector in the D3 sand in the southern region, and six (6) polymer injectors spread evenly in the three Lower Driza zones in the central region of the field.

The Company continues to be strongly encouraged by the results to date and plans to move forward with 25 – 30 additional conversions in 2015.

Infrastructure Development

The field electrification project continued in the northern and central areas of the Patos-Marinza oilfield with the conversion of 68 wells in the fourth quarter. With the good cost savings performance, the electrification program will carry-on in 2015 with plans to electrify up to 250 wells throughout the year.

Construction of the west water disposal line is over half completed, with commissioning expected in the first quarter. Construction of the north gathering oil line is scheduled to commence in the first quarter of 2015 with completion mid-year.  Both projects will target reductions in trucked volumes within the field and reduce operating costs over the year. The third gathering system, the west oil flow-line project, has been temporarily deferred under the current oil price environment.

Other infrastructure activities include the commissioning of the Satellite 3 treating facility, installation of several GOR skids for gas capturing and measurement as well as maintenance turnarounds of main treating facilities.

Updated Corporate Presentation

For additional information on this Operational Update please see the Company's January 2015 corporate presentation at www.bankerspetroleum.com.

Conference Call

The Management of Bankers will host a conference call on January 6, 2015, at 6:30 am MDT to discuss this Operational Update.  Following Management's presentation there will be a question and answer session for analysts and investors.

To participate in the conference call, please contact the conference operator ten minutes prior to the call at 1-888-231-8191 or 1-647-427-7450. A live audio web cast of the conference call will also be available on Bankers website at www.bankerspetroleum.com or by entering the following URL into your web browser, http://www.newswire.ca/en/webcast/detail/1467845/1633727.

The web cast will be archived two hours after the presentation on the website, and posted on the website for 90 days.  A replay of the call will be available until January 20, 2015 by dialing 1-855-859-2056 or 1-416-849-0833 and entering access code 60030326.

Caution Regarding Forward-looking Information                    

Information in this news release respecting matters such as the expected future production levels from wells, future prices and netback, work plans, anticipated total oil recovery of the Patos-Marinza and Kuçova oilfields constitute forward-looking information.  Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.

Exploration for oil is a speculative business that involves a high degree of risk.  The Company's expectations for its Albanian operations and plans are subject to a number of risks in addition to those inherent in oil production operations, including: that Brent oil prices could fall resulting in reduced returns and a change in the economics of the project; availability of financing; delays associated with equipment procurement, equipment failure and the lack of  suitably qualified personnel; the inherent uncertainty in the estimation of reserves; exports from Albania being disrupted due to unplanned disruptions; and changes in the political or economic environment.

Production and netback forecasts are based on a number of assumptions including that the rate and cost of well takeovers, well reactivations and well recompletions of the past will continue and success rates will be similar to those rates experienced for previous well recompletions/reactivations/development; that further wells taken over and recompleted will produce at rates similar to the average rate of production achieved from wells recompletions/reactivations/development in the past; continued availability of the necessary equipment, personnel and financial resources to sustain the Company's planned work program; continued political and economic stability in Albania; the existence of reserves as expected; the continued release by Albpetrol of areas and wells pursuant to the Plan of Development and Addendum; the absence of unplanned disruptions; the ability of the Company to successfully drill new wells and bring production to market; and general risks inherent in oil and gas operations.

Forward-looking statements and information are based on assumptions that financing, equipment and personnel will be available when required and on reasonable terms, none of which are assured and are subject to a number of other risks and uncertainties described under "Risk Factors" in the Company's Annual Information Form and Management's Discussion and Analysis, which are available on SEDAR under the Company's profile at www.sedar.com.               

There can be no assurance that forward-looking statements will prove to be accurate.  Actual results and future events could differ materially from those anticipated in such statements.  Readers should not place undue reliance on forward-looking information and forward looking statements.

Review by Qualified Person

This release was reviewed by Suneel Gupta, Executive Vice President and Chief Operating Officer of Bankers Petroleum Ltd., who is a "qualified person" under the rules and policies of AIM in his role with the Company and due to his training as a professional petroleum engineer (member of APEGA) with over 20 years' experience in domestic and international oil and gas operations. 

About Bankers Petroleum Ltd.

Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on developing large oil and gas reserves.  In Albania, Bankers operates and has the full rights to develop the Patos-Marinza heavy oilfield, has a 100% interest in the Kuçova oilfield, and a 100% interest in Exploration Block "F".  Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.

SOURCE Bankers Petroleum Ltd.

For further information: David French, President and Chief Executive Officer, (403) 513-6930; Doug Urch, Executive VP, Finance and Chief Financial Officer, (403) 513-2691; Laura Bechtel, Investor Relations Analyst, (403) 513-3428; Email: investorrelations@bankerspetroleum.com; Website: www.bankerspetroleum.com; AIM NOMAD: Canaccord Genuity Limited, Henry Fitzgerald-O'Connor, +44 0 207 523 8000; AIM BROKER: FirstEnergy Capital LLP, Hugh Sanderson / David van Erp, +44 0 207 448 0200
Data and Statistics for these countries : Albania | All
Gold and Silver Prices for these countries : Albania | All

Bankers Petroleum Ltd.

CODE : BNK.TO
CUSIP : 38142Q
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Bankers Petroleum is a oil exploration company based in Canada.

Bankers Petroleum produces oil, natural gas in Albania, and holds various exploration projects in Albania.

Its main asset in production is PATOS-MARINZA in Albania and its main exploration properties are KUÇOVA and KUCOVA HEAVY OILFIELD in Albania.

Bankers Petroleum is listed in Canada, in Germany and in United Kingdom. Its market capitalisation is CA$ 3.1 billions as of today (US$ 2.3 billions, € 2.0 billions).

Its stock quote reached its lowest recent point on December 31, 2007 at CA$ 0.35, and its highest recent level on September 18, 2024 at CA$ 11.72.

Bankers Petroleum has 261 560 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Corporate Presentations of Bankers Petroleum Ltd.
8/28/2008s Website and Posts New Corporate Presentation
Annual reports of Bankers Petroleum Ltd.
2008 Annual report
Financings of Bankers Petroleum Ltd.
7/29/2008Consolidates Shares & Warrants
3/5/2008Closes Second Tranche Of Private Placement
2/6/2008Closes First Tranche of Private Placement
1/31/2008CDN$60 Million Private Placement
Nominations of Bankers Petroleum Ltd.
5/22/2014announces Annual Meeting voting results and election of Dire...
5/22/2013announces annual meeting voting results and election of dire...
3/20/2013announces appointment of new President & Chief Executive Off...
1/29/2008Announces New Appointments
Financials of Bankers Petroleum Ltd.
7/14/2015Operational Update for the Second Quarter 2015
4/7/2015Operational Update for the First Quarter 2015
3/12/2015Announces 2014 Financial Results
11/7/2014Announces 2014 Third Quarter Financial and Operational Resul...
10/31/2014Hosts Field Tour and Announces Third Quarter 2014 Financial ...
10/6/2014Operational Update for the Third Quarter 2014
8/13/2014Announces 2014 Second Quarter Financial and Operational Resu...
8/7/2014Announces Second Quarter 2014 Financial Results Date
5/8/2014Announces 2014 First Quarter Financial and Operational Resul...
5/1/2014Announces First Quarter 2014 Financial Results Date and 2014...
4/8/2014Operational Update for the First Quarter 2014
1/7/2014Operational Update for the Fourth Quarter 2013
11/8/2013Announces 2013 Third Quarter Financial and Operational Resul...
10/4/2013Operational Update for the Third Quarter 2013
10/4/2013Operational Update for the Third Quarter 2013
5/9/2013Announces 2013 First Quarter Financial and Operational Resul...
4/5/2013Operational Update for the First Quarter 2013
3/15/2013announces 2012 financial results
1/7/2013Operational Update for the Fourth Quarter 2012
3/22/2011ANNOUNCES 2010 FINANCIAL RESULTS
3/15/2011ANNOUNCES 2010 RESERVES REPORT
11/13/2009Announces Third Quarter Financial and Operational Results
8/14/2009Announces Second Quarter Financial And Operational Results
7/24/2009Raises CDN$12 Million From EBRD Warrant Proceeds 2009 Second...
5/14/2009Announces First Quarter Financial And Operational Results
11/13/2008Announces Third Quarter Financial and Operational Resu
5/12/2008Bankers Announces Strong Operational And Financial Results I...
11/9/2007 Achieves Quarter-Over-Quarter Growth In Third Quarter 2007
8/10/2007Significantly Increases Revenue And Net Operating Income In ...
5/11/2007Demonstrates Continued Quarter Over Quarter Growth In First ...
Hedging of Bankers Petroleum Ltd.
2/25/2011IMPLEMENTS 2012 OIL HEDGING CONTRACTS
Project news of Bankers Petroleum Ltd.
5/18/2016ISS and Glass Lewis recommend Bankers shareholders vote for ...
3/29/2013announces filing of 2012 statutory filings including AIF and...
4/7/2011ACHIEVES RECORD PRODUCTION IN THE FIRST QUARTER OF 2011
2/13/2009(Kucova Heavy Oilfield)Announces 2008 Reserves Report
2/11/2008(Kucova Heavy Oilfield)Closes Transaction To Acquire 50% Interest In Kucova Heavy O...
1/30/2008(Kucova Heavy Oilfield)Acquires 50% Interest In Kucova Heavy Oilfield In Albania An...
Corporate news of Bankers Petroleum Ltd.
7/30/2016Bankers Petroleum announces corporate transaction extension
7/6/2016Bankers Petroleum Operational Update for the Second Quarter ...
6/22/2016Bankers Petroleum Announces Investment Canada Act Approval f...
6/8/2016Bankers Petroleum Announces Resumption of Operations and Cor...
6/2/2016Bankers Petroleum temporarily shuts-in production due to a b...
6/1/2016Bankers Petroleum temporarily curtails production due to a b...
5/31/2016Bankers Petroleum announces shareholder approval of proposed...
1/28/2016Bankers Petroleum announces re-filing of Management's Discus...
12/15/2015Bankers Petroleum Announces 2016 Capital Budget and Work Pro...
12/4/2015IIROC Trade Resumption - BNK
12/4/2015IIROC Trading Halt - BNK
10/29/2015Bankers Petroleum Announces 2015 Third Quarter Financial Res...
10/7/2015Edited Transcript of BNK.TO earnings conference call or pres...
10/7/2015Bankers Petroleum Operational Update for the Third Quarter 2...
10/1/2015Bankers Petroleum to Release Third Quarter Operational Updat...
9/14/2015Bankers Petroleum announces obtaining commitment to resolve ...
9/11/2015S&P Dow Jones Indices Announces Changes to the S&P/TSX Canad...
7/14/2015Edited Transcript of BNK.TO earnings conference call or pres...
7/14/2015Bankers Petroleum Operational Update for the Second Quarter ...
7/7/2015Bankers Petroleum to Release Second Quarter Operational Upda...
4/7/2015Bankers Petroleum Operational Update for the First Quarter 2...
4/1/2015Bankers Petroleum Albania Activated Emergency Response Plan
4/1/2015Albanian authorities evacuate village after oil well blast
3/31/2015Bankers Petroleum to Release First Quarter Operational Updat...
3/31/2015to Release First Quarter Operational Update and Hold Confere...
3/16/2015Bankers Petroleum Announces Settlement of Lawsuit with BP Oi...
3/16/2015Bankers Petroleum to Release 2014 Reserves Update and Hold C...
3/16/2015Bankers Petroleum Announces 2014 Financial Results
3/16/2015Bankers Petroleum Announces 2014 Financial Results Date
3/16/2015Bankers Petroleum Announces 2014 Year-End Reserves
3/12/2015Bankers Petroleum Announces 2014 Financial Results
3/5/2015Bankers Petroleum Announces 2014 Financial Results Date
3/2/2015Bankers Petroleum Announces 2014 Year-End Reserves
2/24/2015Bankers Petroleum to Release 2014 Reserves Update and Hold C...
2/23/2015Announces Settlement of Lawsuit with BP Oil
2/23/2015Bankers Petroleum Announces Settlement of Lawsuit with BP Oi...
2/11/2015Bankers Petroleum Flooding Impact and Resumed Water Handling...
1/30/2015Bankers Petroleum Announces Revised 2015 Capital Budget and ...
1/6/2015Canada Stocks to Watch: Crescent Point, Agrium, Crew Energy ...
12/31/2014to Release Fourth Quarter Operational Update January 6, 2015
12/12/2014Announces 2015 Capital Budget and Work Program
12/5/2014to Release 2015 Capital Budget and Work Program December 12,...
9/29/2014to Release Third Quarter Operational Update and Hold Confere...
7/2/2014to Release Second Quarter Operational Update and Hold Confer...
6/3/20142014 Investor Day webcast details
5/13/2014to Host 2014 Investor Day
4/1/2014to release first quarter operational update and hold confere...
3/10/2014Announces Continuance into Alberta and Amendments to Bylaw N...
2/14/2014to release 2013 reserves report and hold conference call Feb...
12/12/2013announces 2014 capital budget and work program
7/23/2013Exploration Well Update
7/5/2013OPERATIONAL UPDATE FOR THE SECOND QUARTER 2013
12/10/2012Announces 2013 Capital Budget and Work Program
4/11/2011ANNOUNCES BOARD AND MANAGEMENT APPOINTMENTS
4/7/2011ACHIEVES RECORD PRODUCTION IN THE FIRST QUARTER OF 2011
10/6/2009Provides Operational Update
7/15/2009Provides Operational And Corporate Update
6/22/2009Announces Webcast Details For Annual Meeting
5/25/2009Raises An Additional $4 Million Through The Exercise Of The ...
2/25/2009Expands Credit Facilities
1/13/2009Provides Operational And Corporate Update
7/30/2008Notified of Changes to Albanian Fiscal Terms
7/22/2008Achieves Record Quarterly Production of 5,822 BOPD
7/15/2008Completes Company Split
7/9/2008Receives Court Approval For Company Split
7/3/2008Acquires Remaining 50% Interest In Ku=E7ova Heavy Oil Field ...
6/30/2008Bankers Reports Outcome of Annual and Special Meeting of Sha...
6/2/2008Files Circular For Annual General Meeting
5/14/2008Split Albanian and U.S. Operations
3/29/2008Achieves Significant Gains in 2007; Files 2007 Annual Docume...
3/25/2008 Announces Three-Year Plan
3/20/2008 Reports 54% Increase In Reserves
10/25/2007 Completes Construction Of Thermal Steam Project In Albania
10/25/2007 Achieves First Natural Gas Production And Sales From The Wo...
8/4/2007Petroleum To Present At Canaccord Adams Global Growth Confer...
5/28/2007Closes Centillion Transaction For Joint Development Of Palo ...
5/11/2007Discovers Second Successful Natural Gas Well In U.S. And Pro...
3/29/2007Receive Centillion Units For Palo Duro Basin Transaction
3/7/2007Partners With Centillion For Palo Duro Basin Exploration Pro...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (BNK.TO)LSE (BNK.L)
11.72+0.43%125.50+3.29%
TORONTO
CA$ 11.72
09/18 15:52 0.050
0.43%
Prev close Open
11.67 11.66
Low High
11.63 11.77
Year l/h YTD var.
10.06 -  11.72 9.12%
52 week l/h 52 week var.
8.18 -  11.72 13.79%
Volume 1 month var.
900 6.64%
24hGold TrendPower© : 34
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 7/23/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
20248.22%12.0010.06
2023-8.06%9.9910.02
2022-30.62%19.0810.67
202156.50%17.2510.67
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.06+0.57%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 9.08-0.87%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-3.26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.07+0.49%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.75+1.51%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+4.69%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.18+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.83+1.10%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.43-0.07%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.