The operating, sales and transportation costs of Canada’s Bankers Petroleum
originating from Albanian-based companies and their employees totalled $70
million (52.4 million euro) in the first half of 2014, down 9.1% from a year
earlier, the company said on Wednesday.
In the second quarter alone,
Bankers Petroleum's operating, sales and transportation costs were $39 million,
or 4.9% less than in the same period of 2013, Bankers Petroleum said in a
statement posted on its website.
Royalties to the Albanian government and
related entities were $47 million for the January-June period, representing 15%
of total revenue while for the April-June period they were $25 million, also
representing 15% of total revenue.
In the second half of 2014 the company
plans to expand its polymer and water flood patterns further with conversion of
up to an additional ten wells in the Patoz-Marinza oilfield.
Bankers
Petroleum's main operations are in Albania where the company has the full
rights to develop the Patos-Marinza and Kucova heavy oilfields pursuant to
25-year license agreements with the Albanian National Agency for Natural
Resources and a Petroleum Agreement with oil and gas corporation
Albpetrol.
The Patos-Marinza oilfield is the largest onshore oilfield in
continental Europe, holding approximately 7.7 billion barrels of original oil in
place. The Kucova field has 297 million barrels of
original-oil-in-place.
The company also holds a seven-year exploration
license on a 185,000 acre block named "Block F", which is also prospective for
natural gas.