Bankers reports higher oil sales in Q2

TIRANA, July 9 – Canadian-based Bankers Petroleum, which operates the Patos-Marinza heavy oilfield in southwestern Albania reports average second quarter 2012 production was 14,167 barrels of oil per day (“bopd”). Oil sales from the Patos-Marinza oilfield in Albania during the quarter averaged 14,169 bopd, 7% higher than the first quarter 2012 rate. The crude oil inventory on June 30th was 305,000 barrels, relatively consistent with 312,000 barrels at March 31, 2012. Average production in June was 14,817 bopd. The Patos-Marinza second quarter average oil price was approximately US$76.53 per barrel (representing 71% of the Brent oil price of US$108.19 per barrel), as compared with the first quarter average oil price of US$84.96 per barrel (72% of the Brent oil price of $118.49 per barrel). For the six months ended June 30, 2012 oil sales were 13,724 bopd ($80.62 per barrel) an increase of 14% from 12,024 bopd ($72.56 per barrel) for the comparable 2011 period.
Thirty-eight wells were drilled during the second quarter.
The Canadian-based company has recently been in conflict with the inhabitants of the Zharrez village in Fier who blame Bankers’ underground explosions for cracks in their walls. Bankers has denied responsibility claiming that the cracks have been caused by earthquakes. A working group has been set up to clarify the situation.
Bankers Petroleum, which is also one of the bidders on Albpetrol’s privatization, earned net income of US$35.9 million in 2011, more than tripling it compared to US$10.5 million in 2010.