LONDON (Alliance News) - Bankers Petroleum Ltd on Wednesday said its production has been hit by flooding in Albania and the surrounding Balkan region and said it is working to bring wells it had to shut-in back on line.
Bankers said it was forced to shut-in 81 wells on February 1, equivalent to around 3,500 barrels of oil per day, owing to rising water levels which prevented access to facilities. The company said there has been no significant damage to the equipment or facilities in the area.
Residents in southern Albania have been forced from their homes, after torrential rain hit parts of the Balkans over the past week, according to a BBC report. Hundreds of houses remain under water, and thousands of acres of land have been destroyed in some of the worst flooding to hit the region in years, the BBC said.
http://www.bbc.co.uk/news/world-europe-31236396
Bankers Petroleum said it now is working on bringing the wells back on line and expects this to be achieved within the next week.
The AIM-listed group added its water disposal pump, which failed in the fourth quarter of 2014, has been repaired and resumed operations on February 6. The group said the higher water cut wells which were shut in will be brought back online gradually this week, with the remaining production to restart over the remainder of the first quarter.
Oil production for the company in January was 20,154 barrels of oil per day, prior to the impact of the flooding and the reinstatement of its water disposal facility.
Shares in Bankers were untraded on Wednesday, having last traded at 160.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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