14th Jul 2015 11:19
LONDON (Alliance News) - Bankers Petroleum PLC Tuesday said its average daily production rose in the second quarter, but oil sales fell resulting in a larger crude oil inventory.
The oil company said production from its oilfields in Albania in the second quarter produced an average of 20,045 barrels of oil per day, up 1.4% quarter-on-quarter from 19,767 barrels per day, whilst oil sales totalled 19,599 barrels per day, down 3.4% quarter-on-quarter from 20,283 barrels.
As production was higher than sales, Banker's inventory of crude oil rose to 307,000 barrels at the end of June compared to 270,000 barrels at the end of March, it said in a statement.
Sales in the first half of 2015 averaged 19,899 barrels of oil per day, down from 20,036 barrels per day a year earlier. Prices also fell as expected to an average of USD43.74 per barrel compared to USD87 per barrel in the first half of 2014.
In the first six months of 2015, Bankers said it realised USD24 million, or USD6.66 per barrel sold, in proceeds from its corporate hedging programme. Bankers has 6,000 barrels per day hedged at USD80 per barrel for the rest of 2015.
Bankers said the remaining hedge programme for 2015 is valued at USD21.3 million.
The company drilled 12 wells in the second quarter of 2015, of which ten were deemed producing. Five of those ten producing wells are now on production with the other five to be online by the third quarter.
In the second half of the year, Bankers will drill another 26 wells, bringing the total amount of wells drilled in 2015 to 60.
Bankers shares rose 4.1% to 141.00 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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