Bankers Petroleum says costs in Albania rise 10.9% in Q3 2012.

By bne IntelliNews November 13, 2012
Canada-based oil and gas exploration company Bankers Petroleum, which develops large oil and gas reserves in Albania, said operating, sales and transportation costs related to Albanian operations increased to USD 33.6mn in the third quarter of 2012 from USD 30.3mn a year ago. Royalties to the Albanian government and related entities increased to USD 23.3mn in Q3 from USD 18.5mn in the same period of 2011, the company said in its third-quarter financial report. The average fourth quarter 2012 production to date from the Patos-Marinza oilfield in Albania was 16,100 barrels of oil per day (bopd), or by 3% higher than the average for the third quarter, Bankers said. In Jan-Sep 2012, Bankers oil sales averaged 14,393 bopd, up by 14% y/y and in the third quarter alone sales increased by 15% y/y to 15,715 bopd. Revenue for the first nine months of 2012 jumped an annual 26% to USD 316.3mn. Bankers said earlier that average oil sales from its Patos-Marinza oilfield in Albania increased 11% q/q to 15,715 bopd in Q3 2012 and by 14% y/y to 14,393 bopd in Jan-Sep 2012. The Canadian company operates and has the full rights to develop the Patos-Marinza heavy oilfield and has a 100% interest in the Kucova oilfield, and a 100% interest in Exploration Block F. A second exploration drilling Block F is scheduled to commence in Q1 2013.

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