Update- Nice to see the Juneproduction up by almost 700 bopd !!
The average second quarter 2012 production was 14,167 barrels of oil per day ("bopd").
Average production in June was 14,817 bopd.
Bankers Petroleum Operational Update for the Second Quarter 2012
cnw
June 2012 Average Monthly Production exceeds 14,800 bopd
CALGARY, July 5, 2012 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM:BNK) is pleased to announce the following second quarter operational update.
Production and Oil Prices
The 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 at June 30th was 305,000 barrels, relatively consistent with 312,000 barrels at March 31st, 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.
Drilling Update
Thirty-eight (38) wells have been drilled during the second quarter:
Thirty-six (36) horizontal production wells and one (1) water disposal well and one (1) exploration well in Block "F". Twenty-nine (29) of the horizontal wells have been completed and placed on production with 25 wells averaging 120 bopd per well and four wells have high water cuts.
The remaining seven (7) wells are currently undergoing completion operations and will be on production in the next several days. Base production from producing wells at the end of the first quarter declined by approximately 8%, another 300 bopd were shut-in at the end of June while drilling adjacent wells and as reported earlier another
200 bopd were shut-in due to liner re-entry issues during the quarter.
Thermal Program
The second steam cycle for well 5201 started on June 16th and 3000 cubic meters of cold water steam equivalent has been injected until the end of June. It is anticipated that steaming operations will continue until approximately mid-July. The well will be shut-in for a brief soak period then placed on production.
Infrastructure and Remediation
Work is continuing on the water control program with 42 wellbore suspensions completed in the quarter. Two wells with mechanical damage have been repaired and are now on production. Further remediation of liner re-entry continues.
Block "F"
The second exploration drilling location in Block "F" is progressing with reviews of environmental and construction permits. The timeline for drilling the well is late fourth quarter.
Updated Corporate Presentation
For additional information on this operational update, please see the July 2012 version of the Company's corporate presentation at www.bankerspetroleum.com.
Conference Call
The Management of Bankers will host a conference call on July 5, 2012 at 7:00am MDT to discuss this Operations Update. Following Management's presentation, there will be a question and answer session for analysts and investors.
To participate in the conference call, please contact the conference operator ten minutes prior to the call at 1-888-231-8191 or 1-647-427-7450. A live audio web cast of the conference call will also be available on Bankers website at www.bankerspetroleum.com or by entering the following URL into your web browser https://www.newswire.ca/en/webcast/detail/1003289/1083753. The web cast will be archived two hours after the presentation on the website, and posted on the website for 90 days. A replay of the call will be available until July 19, 2012 by dialing 1-855-859-2056 or
1-416-849-0833 and entering access code 98497298.