TIRANA, Aug. 4 – A news statement from the Bankers Petroleum Albania Ltd. (Bankers Albania) issued late July announced the milestone of reaching production of 5,000 barrels of oil per day (bopd) in July 2007, making them the largest oil producer in Albania.
“This is yet another example of Bankers’ ability to successfully develop the Patos Marinza oilfield, having increased production from 600 barrels per day in July 2004 to over 5,000 barrels in July 2007, with growth in production continuing,” according to the statement.
“The Company aims to raise production from the Patos Marinza oilfield to between 10,000 and 15,000 barrels per day by 2010.”
“Since July 2004, Bankers Albania has made capital investments of approximately US$70 million in the Patos Marinza oilfield. Over the life of the project, planned capital expenditures will amount to over US $200 million. We estimate that over 60% of the project cash flows will be allocated to Albania in the form of royalties and taxes and the remainder will accrue to Bankers Albania.”
“In addition to its direct investment, Bankers Albania’s activities generate economic benefits for Albania through job creation, the use of local businesses in the provision of goods and services, and funding of local community initiatives.”
“Bankers Albania is committed to growing this Project as well as improving the environmental condition in the field and leading the environmental, health, and safety standards practices in Albania.”
“Bankers Petroleum Albania Ltd. (Bankers Albania) operates in the Patos-Marinza oilfield in Albania pursuant to a license agreement, focused on developing and producing heavy oil. The Company has been actively operating since July 2004 and has extensive experience in oilfield development. Bankers Albania is dedicated to effectively developing the potential of the oilfield.”
“The Company places the highest importance on environmental conditions, and the health and safety of employees and the surrounding communities in which it operates. In this respect, the Company is committed to abiding by international standards with the goal of becoming the company with the highest environmental, health and safety standards in Albania.”
“Bankers Albania is a wholly-owned subsidiary of Bankers Petroleum Ltd., a Canadian-based oil and gas exploration and production company focused on opportunities in unconventional petroleum assets. Bankers Albania was formerly known as Saxon International Energy Ltd.”
