8th Apr 2014 11:44
LONDON (Alliance News) - Bankers Petroleum Ltd Tuesday saw average production rise at its Patos-Marinza oilfield in Albania in the first quarter to the end of March, although sales dropped due to weather delays.
The company saw average production from the Patos-Marinza oilfield of 19,911 barrels of oil per day in the first quarter, up 3.2% from the previous quarter.
Oil sales for the quarter averaged 18,435 barrels of oil per day, down 6.5% from the previous quarter, as the final export cargo for the quarter was delayed by weather into the second quarter. The average oil price was USD87.35 in the first quarter, up from USD85.71 in the fourth quarter.
The company has been in discussions with the government of Albania regarding recently implemented fiscal changes and tax law amendments.
The government has assured the company that a financial offset will be offered to mitigate a hit from these changes. Bankers Petroleum said it expects to formalise an agreement in the second quarter of 2014.
During the quarter Bankers Petroleum completed maintenance turnaround on the remaining two trains of its central treating facility; its third facility is in the final stages of construction and is expected to be operation in the second quarter.
Bankers drilled 34 wells during the quarter; 23 of these wells have been completed and are in production. The remaining nine will be placed in production in April.
Shares in Bankers Petroleum are untraded Tuesday; they were last quoted at 287.20 pence.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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