Bankers Petrolium sees output rise by 7%

TIRANA, July 6 – Canadian based Bankers Petroleum saw output rise 7 percent from its Patos-Marzina oilfield in Albania during the second quarter but was lower than forecasted due to delays in the arrival of a drilling rig. Output from the field averaged 12,973 barrels of oil per day, up from 12,147 bpd the previous quarter, but was about 1200 bpd lower than previously forecasted. Bankers said its fourth drilling rig arrived in Albania in May, but following start-up delays did not spud its first well until the 5 June– which had a negative effect on the company’s production forecast. It added that a fifth drilling rig had been contracted which was expected to be ready to commence drilling operations in October. The company is aiming to drill a total of 79 horizontal wells and complete 82 well reactivations this year. It is forecasting output from the field will range from a high case of 20,000 bpd, likely case of 18,000 bpd and a low case of 16,000 bpd by the end of the year. Bankers said output was currently averaging 13,150 bpd, adding about 1750 bpd of production was currently shut-in which was about 60% higher than normal. Most of the shut-in wells are waiting on service rigs for workovers but the company said it was currently in the process of sourcing additional rigs to remedy the situation.