Bankers Petroleum Flooding Impact and Resumed Water Handling Capacity
CALGARY, Feb. 11, 2015 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK)
announces a temporary production impact from recent flooding caused by
unusually heavy rain in Albania and the surrounding Balkan region.
Additionally, Bankers is pleased to announce the resumption of its full water
handling system.
Flooding
On February 1, Bankers was forced to shut-in 81 wells, or the equivalent of
approximately 3,500 barrels of oil per day (bopd) due to rising water levels
preventing access to facilities as the nearby river breached its banks. There
has been no significant damage to the equipment or facilities in the affected
area.
As the river begins to recede, Bankers has been working to restart the
accessible wells and expects all wells to be back on production over the next
week provided there are no further flooding issues. As part of Bankers strategy
to reduce operating costs, the Northern flow line system, currently under
construction, will reduce trucking in this area and is expected to minimize
future production disruption caused by flooding.
Bankers is actively involved with helping nearby communities recover from the
flooding and offers its sincere condolences to all those affected.
Water Disposal Update
The water disposal pump that failed in Q4 2014 has now been repaired and
resumed operations on February 6 thereby restoring the water disposal system to
its full capacity. The higher water cut wells that had been shut-in will
gradually be brought online over the next week and the associated production to
resume over the remainder of the first quarter as the wells dewater.
Production Update
Oil production averaged 20,154 bopd for January, prior to the flood impact and
reinstatement of the water disposal capacity.
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, 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.
For further information: David French, President and Chief Executive Officer,
(403) 513-6930; Doug Urch, Executive VP, Finance and Chief Financial Officer,
(403) 513-2691; Laura Bechtel, Investor Relations Analyst, (403) 513-3428,
Email: investorrelations@bankerspetroleum.com, Website:
www.bankerspetroleum.com; AIM NOMAD: Canaccord Genuity Limited, Henry
Fitzgerald-O'Connor, +44 0 207 523 8000; AIM BROKER: FirstEnergy Capital LLP,
Hugh Sanderson / David van Erp, +44 0 207 448 0200