Canada's Bankers Petroleum Raises Capex Plan for Albania to $152 Mln in 2010

The company said in a statement it will target an exit production of 15,000 barrels of oil per day (bopd) at the end of the year, up 15% from its previous guidance and 88% more than the projected 2009 exit rate of 8,000 bopd.

"[The capital programme] will focus on major development activities at the Patos Marinza oil field with minor expenditures at Kucova oil field and the newly acquired Block F exploration acreage in Albania," the company said.

"With the addition of a second drilling rig in January 2010, as previously announced, this effectively doubles the number of horizontal wells to be drilled in 2010," it added. Bankers Petroleum plans to drill 52 horizontal wells next year for which it will spend $71 million.

The company's production as of the middle of November was 7,100 bopd.

($ = 0.6989 euro)