13th Aug 2014 11:22
LONDON (Alliance News) - Bankers Petroleum Ltd saw pretax profit rise in its second quarter to the end of June, as revenue rose 29% compared to the previous year.
The Canada based company posted a pretax profit of USD64.3 million, up from USD33.5 million, as revenue rose to USD170.5 million from USD131.8 million.
During the quarter the company saw a netback of USD53.89 per barrel of oil, up from USD42.19. It posted an average production rate of 20,630 barrels of oil per day, up from 17,886 in the previous year.
Oil sales were up to 20,630 barrels of oil per day, up from 18,435 in the previous quarter, and 18,008 in the previous ear.
Bankers Petroleum said that in the second-half of the year it will remain focussed on its three part strategy to delivery growth through its development drilling programme, expanding its product margins, and continuing to validate its polymer and water flood projects by expanding into new areas of the field.
Its average production in the third quarter to date is 21,500 barrels of oil per day from its Patos-Marinza oilfield. It is continuing development drilling in the main part of the field. Mechanical drilling operations went smoothly, and the well will be brought on production shortly, it said.
It plans to expand its polymer and water flood patterns further, converting up to an additional ten wells in the second-half of the year.
Bankers Petroleum is continuing discussions with the Government of Albania over fiscal changes and tax law related amendments; it said it has received written assurances from the government that a financial offset will be offered to mitigate the impact of the changes.
Shares in Bankers Petroleum were trading up 0.6% at 347.00 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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