13th Mar 2014 11:47
LONDON (Alliance News) - Bankers Petroleum Ltd said Thursday it attained a number of key accomplishments during the full-year, marking its first year of free cash flow, boosted oil production and sales.
In its results for the year to December 31, 2013, the company said oil revenue rose to USD566.4 million from USD432.1 million in 2012. Pretax profit was also boosted, reaching USD159.9 million from last years' USD99.4 million.
Bankers said its field price realisation represented 79% of the Brent oil benchmark price at USD108.66/bbl, compared to 71% of the Brent price of USD111.67/bbl in 2012.
The company said average oil production from its Patos-Marinza oilfield came in at 18,169 barrels of oil per day in 2013, 21% higher than the 2012 average production of 15,020 bopd. Average oil production for the first quarter of 2014 to-date is approximately 19,800 bopd, said Bankers.
Oil sales averaged 18,173 bopd compared to 14,808 bopd in 2012, an increase of 23%, primarily as a result of the company?s ongoing horizontal drilling and recompletion programmes, focused on bringing high productivity wells on stream.
Following an Oil Initially In Place Assessment in Albania at the end of the year, 5.4 million barrels were recorded, generally in line with 2012 figures. Reserves on a proved basis were 147 million barrels, 5% higher than 139 million barrels at year-end 2012. the firm said the corresponding net present value after tax, discounted at 10%, of the proved plus probable reserves increased by 20% to USD2.2 billion at year-end compared to USD1.9 billion in 2012.
Bankers notes that during the year it invested USD234 million in capital expenditures. A total of 146 wells were drilled during the year, including 135 horizontal production wells and 10 lateral re-drills in the Patos-Marinza field, plus one exploration well in Block ?F?. A total of 128 wells were drilled in 2012.
Looking ahead, the company said its capital programme in 2014 will be USD313 million, funded from projected cash flow and existing cash, based on an average USD100 per barrel Brent oil price.
The firm also announced that its Chief Executive and President, David French, has been appointed to its board of directors, effective immediately.
Shares in Bankers Petroleum last traded at 277.5 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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