Bankers Petroleum Ltd. announces the Company's third quarter operational update.
Production, Sales and Oil Prices
Average production from the Patos-Marinza oilfield in Albania for the third quarter of 2013 was 18,541 barrels of oil per day (bopd), 3.7% higher than 17,886 bopd in the second quarter. Oil sales during the quarter averaged 18,332 bopd, 1.8% higher than the previous quarter average of 18,008 bopd. The crude oil inventory at September 30, 2013 was 349,000 barrels, 19,000 barrels higher than 330,000 barrels at June 30, 2013.
The Patos-Marinza third quarter average oil price was approximately $86.88 per barrel (representing 79% of the Brent oil price of $110.37 per barrel), as compared with the second quarter average oil price of $80.45 per barrel (representing 79% of the Brent oil price of $102.43 per barrel).
For the nine months ended September 30, 2013 oil sales were 17,655 bopd ($85.26 per barrel) an increase of 23% from 14,393 bopd ($80.21 per barrel) for the comparable 2012 period.