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Bankers Petroleum announces 2013 year-end reserves


Published Feb 24, 2014
Bankers Petroleum Ltd.

Bankers Petroleum Ltd. provide the results of its December 31, 2013, independent reserves evaluation. Evaluations were conducted by RPS Energy Canada Ltd. (RPS) for the Patos-Marinza oilfield, Albania, and by DeGolyer and McNaughton Canada Ltd. (D&M) for the Kuçova oilfield, Albania; and were prepared in accordance with Canadian National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.

Highlights

◾ 1P Reserves after tax value discounted at 10% increased 27% to US$1.2 billion (representing CAD$5.27 per share); ◾ 2P Reserves after tax value discounted at 10% increased 20% to US$2.2 billion (representing CAD$9.72 per share); ◾ Main drivers for the increased valuation are operational improvements, an accelerated drilling program and lower future development costs. Operating costs per unit have decreased with reduction in diluent usage, treating system improvements, reduced energy consumption, and improved pump performance; ◾ 2013 Company average production was 18,169 bopd for an annual total volume of 6.6 million barrels (4.5% of total proved reserves); ◾ Reserves Life Index for 1P and 2P is 22 years and 35 years respectively;

Tags: Bankers Petroleum Ltd.




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