11 Feb 2015 14:20
BANKERS PETROLEUM LIMITED - Bankers Petroleum Flooding ImpactBANKERS PETROLEUM LIMITED - Bankers Petroleum Flooding Impact
PR Newswire
London, February 11
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 byunusually heavy rain in Albania and the surrounding Balkan region.Additionally, Bankers is pleased to announce the resumption of its full waterhandling system. Flooding On February 1, Bankers was forced to shut-in 81 wells, or the equivalent ofapproximately 3,500 barrels of oil per day (bopd) due to rising water levelspreventing access to facilities as the nearby river breached its banks. Therehas been no significant damage to the equipment or facilities in the affectedarea. As the river begins to recede, Bankers has been working to restart theaccessible wells and expects all wells to be back on production over the nextweek provided there are no further flooding issues. As part of Bankers strategyto reduce operating costs, the Northern flow line system, currently underconstruction, will reduce trucking in this area and is expected to minimizefuture production disruption caused by flooding. Bankers is actively involved with helping nearby communities recover from theflooding 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 andresumed operations on February 6 thereby restoring the water disposal system toits full capacity. The higher water cut wells that had been shut-in willgradually be brought online over the next week and the associated production toresume 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 andreinstatement of the water disposal capacity. About Bankers Petroleum Ltd. Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration andproduction company focused on developing large oil and gas reserves. InAlbania, Bankers operates and has the full rights to develop the Patos-Marinzaheavy oilfield, has a 100% interest in the Kuçova oilfield, and a 100% interestin Exploration Block "F". Bankers' shares are traded on the Toronto StockExchange 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, HenryFitzgerald-O'Connor, +44 0 207 523 8000; AIM BROKER: FirstEnergy Capital LLP,Hugh Sanderson / David van Erp, +44 0 207 448 0200