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Company Information for Bankers Petroleum Ltd
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 TSX; BNK
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Company Statement
Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on maximizing the value of its heavy oil assets in Albania. The Company is targeting growth in production and reserves through application of new and proven technologies by a strong experienced technical team. Bankers main operations are in Albania (located northwest of Greece in South Eastern Europe).
Bankers operates and has the full rights to develop the Patos Marinza and Kuçova heavy oilfields pursuant to 25 year license agreements with the Albanian National Agency for Natural Resources (AKBN) and a Petroleum Agreement with Albpetrol Sh.A (Albpetrol), the state owned oil and gas corporation.
The Patos Marinza oilfield is the largest onshore oilfield in continental Europe, holding approximately 4.7 billion barrels of original oil in place. The Kuçova field has in excess of 300 million barrels of original-oil-in-place.
Bankers is also pursuing additional oilfield development opportunities in Albania.
Bankers shares are traded on the Toronto Stock Exchange (TSX) and the Alternative Investment Market (AIM) in London, England under the ticker symbol BNK. Its' 2009 Warrants are listed on the TSX under the symbol BNK.WT and on AIM under the symbol BNKW. Its' 2012 Warrants are listed on the TSX under the symbol BNK.WT.A.
Corporate Strategy
Bankers' strategy is focused on oil and gas assets that have long-life reserves with production growth potential. Employing its knowledge base and technical expertise, the Company is working to optimize its existing assets from the application of primary, secondary and enhanced oil recovery (EOR) extraction technologies, creating long-term value for shareholders. This will be accomplished through the attainment of its main objectives: increasing production, reserves, cash flow and net asset value.
Albania Focus
In pursuing the long-term growth strategy, Bankers is primarily focused on accessing the heavy oil upside from its Albanian assets, which includes the effective implementation of the Patos Marinza development plan as well as applying EOR and secondary extraction techniques to increase the field's recoverable reserves.
In early 2008, the Company created a development plan for its Albanian assets that entails increased capital expenditures for vertical and horizontal infill drilling, as well as the initiation of waterflood development and thermal programs, to substantially increase production and reserves in 2008 and beyond.
Bankers also hold full rights to the Kucova oilfield in Albania, which has in excess of 300 million barrels of original-oil-in-place. Bankers will be focused on creating a plan of development for this field, incorporating many of the extraction techniques utilized in the Patos Marinza field.
In addition, the Company's strategy involves identifying and acquiring other potential gas and heavy oil opportunities in Albania to increase overall value.
Operations and Technology
Bankers' strategy is focused on oil and gas assets that have long-life reserves with production growth potential. Employing its knowledge base and technical expertise, the Company is working to optimize its existing assets from the application of primary, secondary and enhanced oil recovery (EOR) extraction technologies, creating long-term value for shareholders. This will be accomplished through the attainment of its main objectives: increasing production, reserves, cash flow and net asset value.
Albania Focus
- Execute development plan for the Patos Marinza and Kuçova oil fields to increase the fields' recoverable reserves.
- Three-year plan entails increased capital expenditures for vertical and horizontal infill drilling, as well as the initiation of waterflood development and thermal programs, to substantially increase production and reserves in 2008 and beyond.
- Increase production & reserves.
- Explore opportunities for natural gas exploration as a fuel source.
Albania is the strategic focus for Bankers' plans for the future, providing a solid asset base of production that will translate into growth in production and reserves. We operate in the Patos Marinza field, located east of the city of Fier in south central Albania. This 44,000-acre heavy oil field is the largest onshore oil field in continental Europe with 4.7 billion barrels of original oil in place.
We hold a 25-year license under an existing agreement with state-controlled Albpetrol Sh.A and the National Petroleum Agency of Albania, and we have an option to renew for additional five-year terms. Bankers has a strong management team and a focused strategy for growth both from primary recovery and accessing other opportunities to increase field recovery. Since we took over operations in June 2004, production has increased from 600 barrels of oil per day (bopd) to current approximate6,300 bopd.
In early 2008, the Company created a three-year plan for its Albanian assets that entails increased capital expenditures for vertical and horizontal infill drilling, as well as the initiation of waterflood development and thermal programs, to substantially increase production and reserves in 2008 and beyond. The successful execution of these plans is expected to achieve a target field production of 20,000 bopd by the end of 2012.
Bankers also holds full rights to the Kucova oilfield in Albania, which has in excess of 300 million barrels of original-oil-in-place. Bankers will be focused on creating a plan of development for this field, incorporating many of the extraction techniques utilized in the Patos Marinza field.
In addition, Bankers' strategy involves identifying and acquiring other potential heavy oil opportunities in Albania to increase overall value.
Our Albanian assets have provided value to our shareholders and to the development of Albania, and will continue to do so in the future. Since June 2004, we have invested over US$140 million in the development of the field, helping to improve local environmental, health and safety standards, as well as benefiting Albania's economy.
Development Plans
The development plan of the Patos Marinza oil field in 2009 will vary based on fluctuations in commodity prices. Bankers has the ability to implement multiple activity levels that best matches funds from operations, cash on hand and available credit.
Bankers' Addendum to the plan of development includes the following activities:
- Continuation of well reactivation/ recompletion program using CHOPS technology with progressive cavity pumps;
- Vertical drilling program targeting undrained areas;
- Horizontal drilling program in thick Lower Driza sandstones;
- Waterflood development in Upper Marinza sandstones in selected areas of the field;
- Thermal applications in shallower areas of the field targeting heavier crude oil
Patos-Marinza Oilfield
Quick Facts
- 100% W.I. & operatorship
- 4.7 billion barrels OOIP
- 2008 Gross reserve base of 170 MMbbls (P+P)
- 25+ year license agreement
- 10o to 20o API
- Long-life reserves with production & reserve growth potential
Basin: Patos Marinza
Target: Driza, Marinza, and Gorani
Geological Age: Ionian Mesozoic
Net Acreage: 44,000
Depth (ft): Surface -- 6,000
Gross thickness: Multiple stacked sands reservoir of varying
Kuçova Oil Field
Quick Facts
- 100% W.I. & operatorship
- Five separate oil pools
- 20 km east of Patos Marinza field
- 300+ MMbbls OOIP
- 2008 Gross reserve base of 10 MMbbls (P+P)
- Multiple sandstone pay zones
- Gravity from 14 o to 22 o API
- Future plans:
- Combination of reactivations & recompletions
- Secondary recovery schemes (e.g. waterfloods) - Reserves
Geographical Spread
Albania
Board of Directors and Key Management
| Directors | |
| Robert Cross | Chairman |
| Abdel F. (Abby) Badwi | |
| Phil Knoll | |
| Eric Brown | |
| General Wesley Clark | |
| John Zaozirny | |
| Jonathan Harris | |
| Management | |
| Abdel F. (Abby) Badwi | President and Chief Executive Officer |
| Douglas C. Urch | Vice President, Finance and Chief Financial Officer |
| Ian McMurtrie | Vice President, Exploration & Development |
| Suneel Gupta | Vice President, Production and Operations |
| Eugene Christensen | Vice President, Engineering |
Company AddressSuite 400, 906 - 12th Avenue S.W.
|
Additional Address/Key ContactToll Free: 1-888-797-7170 |
CapitalIssued & Outstanding; 223,886,772
|
Annual General Meeting23rd June 2009, Calgary | Year End31 December |
Nominated BrokersCanaccord Adams Limited | Nominated AdvisorsCanaccord Adams Limited |
Major Shareholders
| BlackRock Investment Management (UK) Ltd | 25,659,671 | 11.5% |
| Sprott Asset Management Inc. | 22,092,217 | 10.0% |
Related News
13/11/09 - Higher Oil Prices Improve Netback Numbers For Heavy Oil Producer Bankers Petroleum02/09/09 - Bankers Petroleum Seeks Second Rig To Pick Up The Pace In Albania
Most Recent Statement
26/01/10 - Bankers Petroleum deploys second drilling rig in Albania20/01/10 - Bankers Petroleum Ltd. Director Shareholding
12/01/10 - Operational Update
13/11/09 - Bankers Petroleum announces Third Quarter Results
03/11/09 - Bankers Petroleum Advises of BNK.WT Warrant Expiry
06/10/09 - Current Production 7,000 bopd Agreement Reached for a Second Drilling Rig