Bankers Petroleum records 6.4% increase in third quarter oil output

TIRANA, Oct 7؃anada-based Bankers Petroleum oil and gas, which operates exclusively in Albania, announced that daily production at its Patos-Marinza oilfield increased by 6.4% in the third quarter on the year to 6,258 barrels a day.
However, output decreased by 2% compared to second quarter production of 6,383 bpd. The slight drop was due to restricted production during the month of July caused by water disposal infrastructure works, which have since been completed.
Current production stands at 7,000 bpd with 300 bpd shut-in pending well servicing.
Bankers has entered into an agreement for the provision of a drill rig with Crosco, Integrated Drilling & Well Services Co., Ltd. of Croatia. The additional rig will provide Bankers with the capacity to drill another 20 to 24 horizontal and vertical wells during 2010, which will help accelerate field development plans and production.
No funds were drawn from the 110 million USD (74.79 million euro) credit facilities from the European Bank for Reconstruction and Development and the International Finance Corporation. The entire Raiffeisen credit facility of 31 million USD (21.07 million euro), continued to be utilized.
Bankers Petroleum has exclusive rights to Patos-Marinza, a two-billion-barrel resource.
The company, whose shares are traded on the Toronto bourse and AIM Market in London, is creating a development plan for Ku谶a.