RE: RE: Question ?Bankers is just the latest pump job - just like Falcon was a few years ago and First Calgary before them - the "experts" bandy about massive reserves but fail to mention a few key details like profitability, lol. Remember the "vast" amounts of "basin centered gas" Falcon was supposed to have? 30 TCF or something ridiculous. The only "problem" was that they had to spend $50MM a well and got a few MCF at best - something that $500K wells in Alberta get. How about those massive wells FCP had? Turned out it took $1B to develop and 10 years to get into production and once the market realized that, the shares collapsed.
As for BNK, I owned them years ago when they first started to redevelop their Albanian field, but quickly found the story was little more than hype - I had long talks with their then CEO about the problems. Fast forward ~5 years and production has barely budged (early projections were for ~50,000 bpd by now). Facts are it is an old soviet era, pressure depleted field that is a poster child for environmental negligence - oil spills everywhere from 70 years of soviet negligence. It's low volume, high cost production that is bedeviled by sand production clogging up and wearing out their pumps (trust me, you won't hear that mentioned in any "research" report or Investor Presentation, lol). In Q1 Bankers had to stop all activity as they ran out of cash and because it was uneconomic to drill for such high cost, low value oil. The only way they can make money in that field is if they can get steam to work. Badwi is hoping he can replicate the success Rally had in Egypt with steaming that field, but people forget that it took Rally 5 years to design, build and test a process that would work. It will take at least a few more in Albania just to see if it is possible.
But hey, in the meantime it will be a pumper's delight. If it works, they'll all pat themselves on the back. If it's a dud like Falcon or First Calgary or Oilexco, the "experts" will all develop amnesia...