|By PR Newswire||
|February 21, 2014 07:01 AM EST||
232 Million Barrels of Proved plus Probable (2P) Reserves; NPV of
Average Production First Quarter to Date 19,700 bopd
CALGARY, Feb. 21, 2014 /PRNewswire/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) is pleased to provide the results of its December 31, 2013, independent reserves evaluation. Evaluations were conducted by RPS Energy Canada Ltd. (RPS) for the Patos-Marinza oilfield, Albania, and by DeGolyer and McNaughton Canada Ltd. (D&M) for the Kuçova oilfield, Albania; and were prepared in accordance with Canadian National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.
Total Company Reserves Summary
Gross Oil Reserves - Using Forecast Prices (Million barrels)
|Total Proved (1P)||143.3||3.4||146.7||136.0||3.4||139.4||5|
|Total Proved Plus Probable (2P)||220.3||11.9||232.2||213.8||11.9||225.7||3|
Total Proved, Probable &
Patos-Marinza Contingent and Prospective Resources (MMbbls - P50)
- 1P Reserves after tax value discounted at 10% increased 27% to US$1.2 billion (representing CAD$5.27 per share);
- 2P Reserves after tax value discounted at 10% increased 20% to US$2.2 billion (representing CAD$9.72 per share);
- Main drivers for the increased valuation are operational improvements, an accelerated drilling program and lower future development costs. Operating costs per unit have decreased with reduction in diluent usage, treating system improvements, reduced energy consumption, and improved pump performance;
- 2013 Company average production was 18,169 bopd for an annual total volume of 6.6 million barrels (4.5% of total proved reserves);
- Reserves Life Index for 1P and 2P is 22 years and 35 years respectively;
Net Present Value at 10% - After Tax Using Forecast Prices (US$ millions)
|Total Proved Plus Probable||2,119||121||2,240||1,724||141||1,865||20|
Total Proved, Probable &
10% Discounted, After Tax
Basic shares outstanding of as of December 31, 2013, were approximately 256 million (281 million diluted).
Values are based on RPS (Patos-Marinza) and D&M (Kuçova) January 1, 2014, price forecast tables summarized below:
Reserve Auditor Price Decks - Dated Brent
|BRENT Oil Price Forecast US$/bbl|
|2025||+2.0% Thereafter||+2.0% Thereafter|
Patos-Marinza Crude Pricing
The average sales price for export sales is approximately 81% of Brent (an increase of 2% over the 2013 average realized pricing of 79% of Brent). The average realized sales price the Company is receiving for crude oil from the Patos-Marinza and Kuçova oilfields is at a discount to Brent oil.
Albanian Fiscal Changes
Pursuant to the 2014 Albanian fiscal changes, these reserve reports are based on the assumption that the Company and Government of Albania will reach agreement on adequate offsets in recognition of the economic stabilization provisions of the hydrocarbon agreements and that the previously exempted value added tax will be fully reimbursed in a timely manner. Precedent for such an offset arrangement was established during the 2008 Royalty Tax implementation.
Finding and Development Costs (F&D)
In the Patos-Marinza 2P development case, the future horizontal well count has decreased from 1,085 to 995. The average cost per well is $1.2 million.
Total future undiscounted capital costs for Patos-Marinza and Kuçova are projected to be US$2.2 billion, US$2.3 billion and US$2.5 billion on a 1P, 2P and 3P basis, respectively. This represents the following F&D costs, calculated as total future development capital divided by recoverable reserves excluding currently developed PDP and PDNP reserves:
Oil Initially in Place
In Patos-Marinza, the Oil Initially in Place ("OIIP") volumes in the reserves area remain at 2.4 billion barrels and the OIIP outside the reserves area remains at 2.7 billion barrels in 2013.
The Kuçova OIIP resource estimate remains at 297 million barrels.
David French, President and CEO commented "The Company is very pleased to announce an increase in our reserves on the back of a year of record production in the field. The 2013 reserve report reflects our strategy of engineering momentum through drilling efficient, predictable horizontal wells and enhancing the operating margin of every barrel we produce. These new reserves reflect a 20% increase in the net present value of our 2P reserve base and reinforce the strength of our base business - optimizing the performance of this world class heavy-oil asset."
Average production for the first quarter to date was 19,700 bopd; this rate is 2% higher than the fourth quarter average production of 19,303 bopd.
The sixth drilling rig is now in country undergoing final inspection. It will commence drilling in the first quarter of 2014.
Further details, including the February 2014 Corporate Presentation, are available on the Company's website www.bankerspetroleum.com.
Bankers' Management will host a conference call on February 21, 2014 at 6:30 am MST to discuss this reserves report. Following Management's presentation, there will be a question and answer session for analysts and investors.
To participate in the conference call, please contact the conference operator ten minutes prior to the call at 1-888-231-8191 or 1-647-427-7450. A live audio web cast of the conference call will also be available on Bankers' website at www.bankerspetroleum.com or by entering the following URL into your web browser http://www.newswire.ca/en/webcast/detail/1301697/1436315.
The web cast will be archived two hours after the presentation on the website, and posted on the website for 90 days. A replay of the call will be available until March 07, 2014 by dialing 1-855-859-2056 or 1-416-849-0833 and entering access code 89045312.
Caution Regarding Forward-looking Information
Information in this news release respecting matters such as the expected future production levels from wells, future prices and netback, work plans, anticipated total oil recovery of the Patos-Marinza and Kuçova oilfields constitute forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.
Exploration for oil is a speculative business that involves a high degree of risk. The Company's expectations for its Albanian operations and plans are subject to a number of risks in addition to those inherent in oil production operations, including: that Brent oil prices could fall resulting in reduced returns and a change in the economics of the project; availability of financing; delays associated with equipment procurement, equipment failure and the lack of suitably qualified personnel; the inherent uncertainty in the estimation of reserves; exports from Albania being disrupted due to unplanned disruptions; and changes in the political or economic environment.
Production and netback forecasts are based on a number of assumptions including that the rate and cost of well takeovers, well reactivations and well recompletions of the past will continue and success rates will be similar to those rates experienced for previous well recompletions/reactivations/development; that further wells taken over and recompleted will produce at rates similar to the average rate of production achieved from wells recompletions/reactivations/development in the past; continued availability of the necessary equipment, personnel and financial resources to sustain the Company's planned work program; continued political and economic stability in Albania; the existence of reserves as expected; the continued release by Albpetrol of areas and wells pursuant to the Plan of Development and Addendum; the absence of unplanned disruptions; the ability of the Company to successfully drill new wells and bring production to market; and general risks inherent in oil and gas operations.
Forward-looking statements and information are based on assumptions that financing, equipment and personnel will be available when required and on reasonable terms, none of which are assured and are subject to a number of other risks and uncertainties described under "Risk Factors" in the Company's Annual Information Form and Management's Discussion and Analysis, which are available on SEDAR under the Company's profile at www.sedar.com.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information and forward looking statements.
Review by Qualified Person
This release was reviewed by Suneel Gupta, Executive Vice President and Chief Operating Officer of Bankers Petroleum Ltd., who is a "qualified person" under the rules and policies of AIM in his role with the Company and due to his training as a professional petroleum engineer (member of APEGA) with over 20 years' experience in domestic and international oil and gas operations.
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.
Donna Yasay, President of HomeGrid Forum, today discussed with a panel of technology peers how certification programs are at the forefront of interoperability, and the answer for vendors looking to keep up with today's growing industry for smart home innovation. "To ensure multi-vendor interoperability, accredited industry certification programs should be used for every product to provide credibility and quality assurance for retail and carrier based customers looking to add ever increasing num...
Oct. 25, 2016 02:00 AM EDT Reads: 579
“Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CloudBerry Backup is a leading cross-platform cloud backup and disaster recovery solution integrated with major public cloud services, such as Amazon Web Services, Microsoft Azure and Google Cloud Platform.
Oct. 25, 2016 01:15 AM EDT Reads: 1,402
In the next forty months – just over three years – businesses will undergo extraordinary changes. The exponential growth of digitization and machine learning will see a step function change in how businesses create value, satisfy customers, and outperform their competition. In the next forty months companies will take the actions that will see them get to the next level of the game called Capitalism. Or they won’t – game over. The winners of today and tomorrow think differently, follow different...
Oct. 25, 2016 01:15 AM EDT Reads: 1,016
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTrend processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Oct. 25, 2016 01:15 AM EDT Reads: 4,028
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
Oct. 25, 2016 01:15 AM EDT Reads: 3,607
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Oct. 25, 2016 12:30 AM EDT Reads: 938
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
Oct. 25, 2016 12:15 AM EDT Reads: 1,854
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
Oct. 25, 2016 12:00 AM EDT Reads: 4,059
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Oct. 25, 2016 12:00 AM EDT Reads: 4,176
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Oct. 24, 2016 11:45 PM EDT Reads: 1,982
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Oct. 24, 2016 11:15 PM EDT Reads: 3,852
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Oct. 24, 2016 11:00 PM EDT Reads: 2,016
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
Oct. 24, 2016 09:45 PM EDT Reads: 1,377
November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Penta Security is a leading vendor for data security solutions, including its encryption solution, D’Amo. By using FPE technology, D’Amo allows for the implementation of encryption technology to sensitive data fields without modification to schema in the database environment. With businesses having their data become increasingly more complicated in their mission-critical applications (such as ERP, CRM, HRM), continued ...
Oct. 24, 2016 08:45 PM EDT Reads: 1,042
SYS-CON Events announced today that Enzu will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their online busine...
Oct. 24, 2016 08:30 PM EDT Reads: 1,349