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Oil producer in Albania increases oil sales

Bankers Petroleum (TSE:BNK), which produces oil and gas in Albania, rose to the highest in two years after reporting its first year of free cash flow and 23 percent increase in oil sales.The shares added 2.3 percent to C$5.30 at 1:57 p.m. in Toronto, after reaching C$5.35, the highest intraday price since February 2012.Oil sales averaged 18,173 barrels of oil per day in 2013, compared to 14,808 bopd in 2012, the Calgary, Alberta-based company said in a statement today.Oil revenue increased 31 percent to $566 million in 2013, from $432 million in 2012. That slightly beat analysts’ estimate of $562 million.Funds generated from operations grew 45 percent to $280 million, or $1.10 per basic share, from $193 million, or 76 cents per diluted share.Net income almost doubled to $61.7 million, or 24 cents per diluted share, from $34.4 million, or 14 cents per diluted share.Analysts were calling for per-share earnings of 28 cents.Average realized price rose to $85.39 per barrel of oil in 2013, from $79.73 per barrel.Looking ahead, the company’s capital program in 2014 will be $313 million, funded from projected cash flow and existing cash based on an average $100 per barrel Brent oil price.For the current quarter, year-to-date average production is 19,800 bopd, the company said. Bankers intends to issue the first quarter 2014 operational update on April 8.The company said it will drill 150 to 170 horizontal and vertical wells this year with 80 to 90 percent of the wells focused on increasing production and 10 percent to 20 percent focused on delineation and data collection for improved development and recovery performance in Albania’s Patos-Marinza oilfield.

Balkans.com 05.04.2014