7th Jul 2014 11:32
LONDON (Alliance News) - Bankers Petroleum Ltd Monday said oil sales and oil production increased in the second quarter, as it continues with its drilling programme.
AIM-listed Bankers Petroleum said average production from its Patos-Marinza oilfield in Albania rose 3.6% to 20,630 barrels of oil per day, compared with 19,911 barrels of oil per day a year earlier.
The Canadian company said oil sales during the quarter averaged 21,6237 barrels of oil per day, compared with 18,435 barrels of oil per day. Crude oil inventory at June 30, fell 20% to 354,000 barrel from 444,000 barrels at March 31.
For the six months ended June 30, 2014, average oil sales were 20,040 barrels of oil per day at USD87.00 per barrel, up from 17,310 barrels of oil per day at USD84.39 per barrel a year earlier.
During the quarter Bankers Petroleum said forty-two wells were drilled and rigs released in the main area of the Patos-Marinza oilfield. Thirty-four of these wells were completed and are on production with the remaining eight to be placed on production in July.
"The company continues to focus on development in the main area of the Patos-Marinza oilfield through multi-well pad drilling with six drilling rigs currently in operation," said the company.
Bankers Petroleum shares were quoted down 2.0% at 375.00 pence Monday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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