Bankers Petroleum says oil sales in Albania grow 7% q/q in Q2 2012.

By bne IntelliNews July 6, 2012
Canada-based Bankers Petroleum said the average oil sales from Albanian Patos-Marinza oilfield increased by 7% q/q to 14,169 barrels of oil per day (bopd) in Q2 2012. Oil production averaged 14,167 bopd in Q2 2012. The average production in June was even higher, reaching 14,817 bopd. The average oil price per barrel in Q2 was USD 76.53, representing 71% of the Brent oil price, down from USD 84.96 in Q1 2012 (72% of the Brent oil price). Bankers net income soared by 242% y/y to USD 36mn in 2011 thanks to higher oil prices and an increase in production. It has budgeted USD 215mn for capital expenditure in 2012, fully funded by projected cash flow. It 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.

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