Bankers Petroleum Ltd. announces its 2016 capital program of US$65 million (all amounts referenced below are in US dollars unless otherwise noted). The capital program will be fully supported by funds generated from operations and cash resources. The budget has been approved by the Company's Board of Directors and will be submitted to the Albanian authorities for their approval.
The 2016 capital program prioritizes Management's strategy to maintain a strong balance sheet during the current period of low oil prices, maximizing activity to fit within cash flow. Bankers' activity will focus on maintaining the Enhanced Oil Recovery (EOR) program, drilling new horizontal wells in the second half of the year, and managing existing production.
David French, President and Chief Executive Officer commented, 'We have put together a strategic and fully funded capital program that leverages our operational flexibility while prioritizing the strength of the Company's balance sheet. This plan will maintain balanced spending throughout the year, utilizing available cash flow to position the Company well at the end of 2016 and beyond.'