BANKERS PETROLEUM LIMITED: Bankers Petroleum Exploration Well Update
Bankers Petroleum Exploration Well Update
Block "F" Exploration Well Suspended
CALGARY, July 23, 2013 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the
"Company") (TSX: BNK, AIM: BNK) reports that the 5350 Block "F" well in Albania
reached a total depth of 2,776 meters measured depth on July 17, 2013.
Petrophysical and geological information indicates that the well did not
encounter any hydrocarbon bearing zones that would merit testing. The well was
This is the second exploration well in Block "F", completing Bankers two well
commitment on the block. Technical evaluation of the block will continue into
the fall and Bankers is reviewing several other prospects including a seismic
program in the next two years.
Bankers is pleased to note that the Trans Adriatic Pipeline (TAP) has recently
been selected for transport of gas from the Shah Deniz gas field in Azerbaijan
through Greece and Albania into Italy as early as 2019. This planned expansion
of natural gas infrastructure in Albania may provide a long term alternative to
Bankers' power and steam generation needs.
Review by Qualified Person
This release was reviewed by Suneel Gupta, Executive Vice President and COO 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%
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.
For further information:
President and Chief Executive Officer
Executive VP, Finance and Chief Financial Officer
VP, Business Development
Canaccord Genuity Limited
+44 0 207 523 8000
FirstEnergy Capital LLP
Hugh Sanderson / David van Erp
+44 0 207 448 0200
-0- Jul/24/2013 06:00 GMT
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