Bankers Petroleum says output at Albanian oilfield rose 14% q/q in Q1.

By bne IntelliNews May 17, 2010
Canadian-based exploration and production company Bankers Petroleum, developing oil and gas reserves in Albania, informed that production at its Patros Marinza oilfield in the country rose by 14% q/q in Q1. Production at Patros Marinza averaged 8,282 bopd over the period, the company added. A third rig was arranged to start drilling at the oilfield in July 2010. Consolidated oil revenue increased by 17.1% q/q to USD 35.1mn in Q1 as the company managed to achieve more favourable oil prices, the statement added. Netbacks grew by 10% q/q to USD 20.98 per barrel (44% of the average price) as compared to USD 19.01 per barrel (42% of the average price). The company said its current production was at over 10,000 bopd and projected a production target of 15,000 bopd for the end of 2010. Bankers Petroleum posted a 21% y/y decrease in revenues last year. The fluctuation in commodity prices that persisted during 2009 coupled with more payments on royalties and operation expenditures were the main factors behind this development.
 Financial and operating indicators
Q1 2009 Q4 2009 Q1 2010 % q/q
Oil revenue ('mn USD) 13.1 30.0 35.1 17.0
Net operating income ('mn USD) 2.6 12.7 15.6 22.8
Cash provided by operations (mn USD) 2.8 10.8 13.8 27.8
Average production (bopd) 5,864 7,234 8,282 14.5
Average price ($/barrel) 24.7 45.1 47.2 4.6
Source: Bankers Petroleum financial statement

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