Bankers Petroleum Albania
Uncategorized Tuesday, April 26th, 2005TIRANA, April 26 (AENews) – Production growth continues in the re-development program at the Patos-Marinza oilfield in Albania, with the first three weeks of April 2005 averaging 1,500 barrels of oil per day (bopd) up from March production of 1,350 bopd and 1,243 bopd in Q1, 2005.
To date the Company has taken over 37 new wells since the original acquisition in July 2004. There are currently approximately 10 wells down waiting on servicing with an additional 5 wells waiting to be re-completed.
Once stabilized, these wells each have the potential to reach 50 bopd, which is expected to contribute an additional 750 bopd to overall production. The active well count is currently about 40 wells with an average production of approximately 40 bopd per well.
Current production build up periods of between 90 and 120 days are longer than originally anticipated. This is attributable primarily to the sand clean up phase and a shortage of well servicing equipment.
Management is endeavoring to add two additional service rigs to address this shortage and anticipates that year-end production will now reach 3,500 bopd.
Bankers Petroleum Ltd., through its wholly owned subsidiary Saxon International Energy Ltd, has acquired the right to redevelop, produce and sell product from the existing Patos-Marinza Oilfield in Albania.
Short URL: http://www.albanianeconomy.com/news/?p=35
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on Apr 26 2005. Filed under Uncategorized.
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