Bankers Petroleum wants extension of Patos Marinza project

TIRANA, March 25 – Bankers Petroleum Ltd., Calgary, said it had submitted a request to the Albanian government to extend the time frame of its development plan for the Patos Marinza field.
The addendum, which Bankers says reflects the current economic environment of lower commodity pricing, has been approved by Albpetrol, Albania’s national oil company.
The company says necessary drilling and workover equipment are available and on standby in Albania and will be re-deployed when the economy begins to recover.
In addition, Bankers has signed an agreement with the developers of the Port of Vlore oil export terminal in Albania for the storage and handling of its oil in a dedicated oil tank. Bankers says the storage facility will improve its export operations and allow for larger oil liftings when the terminal is ready to receive larger vessels, expected in mid-2009.
At the end of 2008, Bankers received approval for an $8-million increase to its existing $27-million credit facility and entered into negotiations with two international banks for provision of a reserve-based long-term financing of up to $110 million. The facility is expected to be in place during the second quarter of 2009 after receiving final approvals.
Bankers says the reduction of its 2009 capital expenditure program along with equity financing that was completed last year and the divestment of its U.S. assets have kept it in “good financial position and well-positioned to re-initiate an expanded capital program when confidence returns to the energy sector and higher oil prices are realized.”
Bankers operates and has the full rights to develop both the Patos Marinza and the Kucova heavy oil fields in Albania.