Bankers Petroleum suspends well exploration

TIRANA, July 23, 2013 – Canadian-based Bankers Petroleum, which operates the Patos-Marinza heavy oilfield in southwestern Albania, says it has suspended an exploration well in its Block “F.”
“The 5350 Block “F” well in Albania reached a total depth of 2,776 meters measured depth on July 17, 2013. Petrophysical and geological information indicates that the well did not encounter any hydrocarbon bearing zones that would merit testing. The well was suspended,” Bankers said in a statement.
This is the second exploration well in Block “F”, completing Bankers two well commitment on the block. Technical evaluation of the block will continue into the fall and Bankers is reviewing several other prospects including a seismic program in the next two years.
Bankers said it is pleased that the Trans Adriatic Pipeline (TAP) has recently been selected for transport of gas from the Shah Deniz gas field in Azerbaijan through Greece and Albania into Italy as early as 2019. “This planned expansion of natural gas infrastructure in Albania may provide a long term alternative to Bankers’ power and steam generation needs,” the company said.