Bankers Petroleum announces 2013 capital budget and work program
Tuesday, Dec 11, 2012
CALGARY, Dec. 10, 2012 /PRNewswire/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is pleased to announce 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. Abby Badwi, President & CEO commented, "Our 2013 capital budget is designed to deliver sustainable production growth and to implement the Company's long term objectives of increasing reserves through primary, secondary and tertiary recovery methods. We will constantly review our projects' economic returns and prevailing oil prices to allow for flexibility to expand or contract our capital programs to remain funded from our cash flow."
About Bankers Petroleum Ltd.
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on developing large oil and gas reserves. In Albania, Bankers operates and has the full rights to develop the Patos-Marinza heavy oilfield and has a 100% interest in the Kuçova oilfield, and a 100% interest in Exploration Block "F". Bankers' shares are traded on the Toronto Stock Exchange and the AIM Market in London, England under the stock symbol BNK.
SOURCE Bankers Petroleum Ltd.
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