Canada's Bankers Petroleum Halves H1 Revenue from Albanian Operations to 24.3 Mln U.S Dollars

The company's total revenue was 24.77 million U.S. dollars in the first half of 2009, 49% down on the year, with operations in Canada contributing 480,000 U.S. dollars.

Bankers Petroleum had a revenue of 14.7 million U.S. dollars from its Albanian operations in the second quarter of 2009, down from 27.56 million U.S. dollars a year earlier, the company said in a half-year financial report posted on its website. The company's oil production in Albania rose by 9% from the first quarter to 6,383 barrels of oil per day (bopd) in the second quarter.

Capital expenditures totalled 6.1 million U.S. dollars in the second quarter of 2009, up from the 2.8 million U.S. dollars in the previous quarter but sharply down from 17.1 million U.S. dollars in the second quarter of 2008. The company expects to start operations in the Kucova oilfield, in central Albania, in the third quarter this year, after postponing them from the first quarter due to the global crisis.

Last year Bankers Petroleum started a two-year investment programme worth 370 million U.S. dollars, aiming to develop its two oilfields in Albania. The company received 110 million U.S. dollars in loans from the International Finance Corporation and the European Bank for Reconstruction and Development to finance investment plans in May.

Bankers Petroleum's total revenue was 24.77 million U.S. dollars in the first half of 2009, 49% down on the year, with operations in Canada contributing 480,000 U.S. dollars.

The company’s revenue from Albanian operations rose 61.7% to 87.4 million U.S. dollars last year.

Bankers Petroleum (www.bankerspetroleum.com) is an oil and gas exploration and production company which drills Albania's onshore Patos Marinze and Kucova heavy oilfields and fields in the northern and central regions of the United States and in Canada.

($=0.7083 euro)