21st Feb 2014 12:26
LONDON (Alliance News) - Bankers Petroleum Ltd Friday said its latest independent reserves evaluation showed a proved and probable reserve of 232.2 million barrels at the end of 2013, a 3% increase from its 2012 reserve of 225.7 million barrels.
The oil and gas company said evaluations were conducted by RPS Energy Canada Ltd for the Patos-Marinza oilfield, Albania, and by DeGolyer and McNaughton Canada Ltd for the Kuçova oilfield, Albania.
Bankers Petroleum said its total proved resources increased 5% to 146.7 million barrel,s from 136.4 million barrels, but its probable reserves fell 1% to 85.5 million barrels from 86.3 million barrels.
The company said that its possible level reserves fell 5% to 125.4 million barrels from 132.3 million barrels which meant the company's total proved, probable and possible reserves were flat at 357.6 million barrels.
Bankers Petroleum added that due to operational improvements, an accelerated drilling program and lower future development costs, its proved reserves after tax value discounted at 10% increased 27% to USD1.2 billion and its probable reserves after tax increased 20% to USD2.2 billion.
The company said that its average production during 2014 was 18,169 barrels of oil per day for an annual total volume of 6.6 million barrels and its average production in the first quarter to date is higher at 19,700 barrels per day.
Bankers Petroleum shares were untraded at 252.5 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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