Bankers Petroleum’s net profit triples in Q2

TIRANA, Aug. 15 – Canadian-based Bankers Petroleum, which operates the Patos-Marinza heavy oilfield, saw its net income during the second quarter of this year triple as operations in Albania enjoyed a big boost in production and prices.
Data made available by the company in a report show Bankers’ net profit in the second quarter of 2011 rose to USD 10.8 million, from USD 3.3 million during the same period last year while first half net income jumped by more than seven times to USD 22 million from USD 2.9 million.
Oil revenues doubled to USD 157.9 million in the first half while net operating income rose to USD 87.1 million.
Average production increased by 33 percent to 12,024 barrels of oil per day while the price was 54 percent higher at USD 40.02 per barrel.
Bankers said that despite the current equity sell-off in financial markets and the recent decline in oil prices, its financial position remained strong with USD 81 million in cash and minimal long-term debt of USD 31 million.
In Albania, Bankers operates and has the full rights to develop the Patos-Marinza heavy oilfield and has a 100 percent interest in the Ku谶a oilfield, and a 100 percent interest in exploration Block F.
Bankers’ shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.