The company said that the development plan outlines the technical, capital and production profiles for the Patos Marinza field. Bankers plans to access additional reserves through the application of infill vertical and horizontal drilling, and waterflood and thermal recovery techniques.
This proposal has been submitted to its project partner, Albpetrol, and the Albanian government, and is currently awaiting final approval.
Bankers will be completing the evaluation of its recently acquired Kucova field in Albania and will disclose details of its capital program and reserves assessment by the end of the second quarter of 2008.
The development plan’s total capital investment is estimated to be $370 million and will be primarily funded from existing working capital and future cash flow. The plan’s objective is to achieve a production target of 20,000 barrels of oil per day by December 2010.
