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Bankers Petroleum declares 2013 capital budget and work program


Published Dec 11, 2012
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Bankers Petroleum Ltd.-3

Bankers Petroleum Ltd. provide its 2013 capital program of US$247 million, to be fully funded with funds generated from operations. This represents a record annual activity level and takes Bankers cumulative capital investment in Albania to over $1 billion. The budget has been approved by the Company's Board of Directors and submitted to the Albanian authorities for their approval.

The 2013 capital program will focus on major development activities at the Patos-Marinza oilfield including production and reserves growth through new horizontal and vertical drilling, reactivation and workover of existing wells and implementation of water and polymer flood programs. The Company will also direct capital towards associated field infrastructure and progression of our thermal program.

The 2013 work plan will include expansion of the waterflood program and new drilling at the Kuçova oilfield as well as exploration drilling in Block F.

Tags: Bankers Petroleum Ltd.




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