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.
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.
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: [email protected], 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