Bankers Petroleum reports record Q4 production

TIRANA, Jan. 11 – Canadian-based oil and gas company Bankers Petroleum Limited reported record production in the fourth quarter of 2010. Oil sales from the Patos-Marinza oilfield in Albania averaged 10,424 bopd compared with third-quarter sales of 9,826 bopd, an increase of 6%, StockMarketWire.com reported.
Average production for the fourth quarter was 10,838 bopd. Oil inventory on December 31 was about 145,000 barrels.
Sales achieved record levels for December, averaging 13,500 bopd.
The Patos-Marinza Q4 average oil price was $53.13 per barrel against the third-quarter average of $46.61, an increase of 14%.
Eighteen horizontal wells were drilled during the quarter. Fifteen have been completed and are on production and three are being placed on production this month.
Reactivation work resumed with five wells recompleted in the new production area north of the Semani River following the takeover of the first group of 52 wells. The wells were brought on production in late December.
Construction of the extra tankage at the Petrolifera Terminal at the Port of Vlore is near completion with scheduled commissioning in February.