From Tonight's Energy Summary..................The other company that released its 2015 budget was Albania-focused
Bankers Petroleum Ltd. (BNK), up nine cents to $2.59 on 3.9 million shares. Based on $70 Brent (all figures in U.S. from now on), the company has set a fully financed budget of $218-million, down from $315-million in 2014. This is more or less what analysts had been forecasting in a $70 Brent environment. They had also warned, however, that this budget could put pressure on Bankers' EOR (enhanced oil recovery) program, so investors may have been pleasantly surprised to hear that Bankers is in fact doubling that program. It has the money for this because it has basically cut its primary development program in half. It plans to have three rigs that will drill 85 to 90 horizontal wells next year, compared with this year's program of six rigs and 150 to 170 wells 374603. Management told a conference call this morning that it will increase the rig count if Brent improves. It also patted itself on the back for its marketing (hedging) program, saying Bankers will still have nearly $30 a barrel in cash margin at $70 Brent. One other thing management did was clarify production targets. The press release merely said that 2015 levels will be "in line" with the 2014 average, which itself was not clear, until management said during the call that it will be somewhere "north of 21,100" barrels of oil a day. Whatever the 2014 average ends up being, that is also the target for 2015.
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