Exploration & Production | Operational Updates | Production
Banker's Production Up 3 Percent Over Fourth Quarter
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span style="font-family: Helvetica, arial, sans-serif;">Bankers Petroleum Ltd. has announced the Company's first quarter operational update.
span style="font-family: Helvetica, arial, sans-serif;">Production, Sales and Oil Prices
span style="font-family: Helvetica, arial, sans-serif;">Average production from the Patos-Marinza oilfield in Albania for the first quarter of 2014 was 19,911 barrels of oil per day (bopd), 3.2% higher than 19,303 bopd in the fourth quarter of 2013.
span style="font-family: Helvetica, arial, sans-serif;">Oil sales during the quarter averaged 18,435 bopd, 6.5% lower than the previous quarter average of 19,710 bopd as a result of the final export cargo of the quarter slipping into the second quarter due to weather delays. The crude oil inventory at March 31, 2014 increased 43% to 444,000 barrels, 133,000 barrels higher than 311,000 barrels at December 31, 2013.
span style="font-family: Helvetica, arial, sans-serif;">Drilling Update
span style="font-family: Helvetica, arial, sans-serif;">Thirty-four (34) wells were drilled and rig released during the first quarter in the main area of the Patos-Marinza oilfield: twenty-nine (29) horizontal production wells, three (3) horizontal lateral re-drills and two (2) water disposal wells. Twenty-three (23) of these wells were completed and are on production, and the remaining nine (9) will be placed on production in April pending drilling rig move off the pad, well completions, and facilities build.
span style="font-family: Helvetica, arial, sans-serif;">The sixth (6) drilling rig spud its first well in the main area of the field on March 18, 2014 and rig released in fifteen (15) days. The Company continues to focus drilling on development through pad drilling of multiple zones within the main area of the Patos-Marina oilfield. The additional rig provides flexibility to move forward with southern delineation drilling and Kuçova oilfield development.
span style="font-family: Helvetica, arial, sans-serif;">Secondary Recovery Program
span style="font-family: Helvetica, arial, sans-serif;">The Company continues to expand its secondary recovery program with the conversion of four (4) additional polymer injection wells in the Lower Driza during the first quarter along with additional polymer treatment facilities to support the expanded program. Bankers continues to monitor the early 2013 water flood and polymer flood patterns with initial production response expected in the first half of 2014. Injection performance has been maintained at target rates with no premature breakthrough of fluids to offset producers which is indicative of good reservoir conformance. Reservoir pressure is rising and is following current projection models.
span style="font-family: Helvetica, arial, sans-serif;">To-date, Bankers has implemented three (3) water flood injectors in the Upper Marinza zone (M0 reservoir sand) and nine (9) polymer flood injectors in three (3) separate Lower Driza zones (D5, D4, and D3 reservoir sands) in the southern part of the main Patos-Marinza oilfield. The Company plans to convert an additional three (3) to six (6) wells to injection in the second quarter of 2014.
span style="font-family: Helvetica, arial, sans-serif;">Infrastructure Development
span style="font-family: Helvetica, arial, sans-serif;">In the first quarter of 2014, the Company completed maintenance turnaround on the remaining two (2) trains of the Central Treating Facility. The third satellite treatment facility is in the final stages of construction and will be operational in the second quarter along with the sludge treatment facility which is nearing completion as well.
span style="font-family: Helvetica, arial, sans-serif;">The Company continues to maintain a diluent blend of approximately 8%, a result of the improved treating process over the past year.
span style="font-family: Helvetica, arial, sans-serif;">In the coming year, Bankers will remain focused on key infrastructure projects aimed at reducing costs and optimizing operations, including field electrification, flow-lines, sour treatment facilities, gas gathering and additional cascade systems.