Proved reserves of Patos Marinza oil field in Albania up by 45% y/y in 2011.

By bne IntelliNews February 14, 2012
Canadian mineral exploration company Bankers Petroleum said the proved reserves at Albania's Patos Marinza oil field grew by 45% y/y to 169.2mn barrels at the end of December 2011. Proved and probable reserves increased by 13% y/y to 256.3mn barrels, and proved, probable and possible reserves remained flat y/y at 426mn barrels, the Canadian company said in a press release. The growth was primarily attributable to the implementation of horizontal drilling and an expansion of field development to enhance recovery. The net present value of the proved reserves after income tax, forecasted at 70% of Brent price, is estimated at USD 994mn, up by 6.9% on the yera. The net present value for proved and probable reserves reached USD 1.85bn (USD 1.83bn at end-2010) and for proved, probable and possible reserves - USD 3.23bn (USD 3.11bn at end-2010). Kucova oil field, which is also operated by Bankers Petroleum, has 22mn barrels of proved reserves, 125mn barrels of proved and probable and 469mn barrels of probable and possible reserves. The independent reserves evaluation report was conducted by Canadian companies RPS Energy for Patos-Marinza oilfield and DeGolyer and McNaughton for the Kucova oilfield.

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