6th Oct 2014 08:07
LONDON (Alliance News) - Bankers Petroleum Ltd Monday said production in the third quarter grew by 6%, boosted by an increase in the number of wells drilled in its Patos-Marinza oilfield in Albania.
The Canada-based oil and gas exploration company, operating in Albania, said the average production from its Patos-Marinza oilfield in Albania was 21,865 barrels of oil per day in the third quarter to September 30, 6.0% higher than the 20,630 barrels of oil per day it produced in the second quarter.
It said it saw record high oil sales during the quarter, averaging 22,003 barrels of oil per day, 1.7% higher than the previous quarter's average of 21,627 barrels.
"On a year to date basis for the first three quarters of 2014, the sales averaged 20,701 barrels of oil per day, 13.9% higher than the average sales in 2013," the company said in a statement.
The company said crude oil inventory on September 30 decreased 3.2% to 342,500 barrels, from 354,000 barrels on June 30.
Bankers Petroleum said the Patos-Marinza field's third quarter average oil price achieved was approximately USD78.66 per barrel, compared with the second quarter average oil price of USD86.68 per barrel.
It said crude sales to the export market during the third quarter made up 72% of total sales.
The company said it drilled a record 45 wells during the third quarter in the main area of the Patos-Marinza oilfield, with 35 of these already in production.
Shares in Bankers Petroleum were trading 1.5% higher Monday morning at 280.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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