Albania Kuçova field - 490 million barrels of original-oil-in-place
July 2008
AND $370 million for Albania!
Bankers Petroleum Ltd announced a three-year program including capital investment of $370 million in Albania.
Bankers is in the process of completing a work program and budget to further develop the Kuçova field, which has in excess of 490 million barrels of original-oil-in-place and has only produced 5% or 25 million barrels of the oil-in-place.
The spending “will be primarily funded from existing working capital and future cash flow,” Bankers said Tuesday, with a production target of 20,000 barrels per day by the end of 2010.
Bankers said it expects to invest about $370 million in the Albanian properties. It holds full rights to the Patos-Marinza heavy oilfield and a 50 per cent in the Kucova oilfield in Albania and a 50 per cent interest in the Tishomingo gas field in Oklahoma as well as interests in three other areas in the northern and central regions of the United States.
Source: www.reuters.com
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