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Bankers Petroleum takes up remaining stake in Albanian heavy oil field |
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Written by THE CANADIAN PRESS
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Sunday, 06 July 2008 |
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CALGARY - Bankers Petroleum Ltd. (TSX:BNK) has used an option agreement to acquire all of the Kucova heavy oil field in Albania.
Bankers, which announced in May it will spinning its Albanian heavy oil and North American shale gas businesses off into two different companies, said it paid $1.5 million to acquire privately held Sherwood International Petroleum Ltd., which held the 50 per cent of Kucova it didn't already own.
As a wholly owned subsidiary, Sherwood holds the exclusive right to evaluate and redevelop Kucova, which Bankers said holds more than 490 million barrels of original-oil-in-place of which it has produced only five per cent or 25 million barrels.
"Bankers' management believes that the use of modern technologies and maintenance practices will make this field an attractive candidate for further development given the low recovery of oil to date," the company said in a statement.
The Calgary-based company also said it has begun vertical drilling at the Patos Marinza property in Albania.
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Last Updated ( Sunday, 07 September 2008 )
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