Press release from CNW Group
Bankers Petroleum Exploration Well Update
Tuesday, July 23, 2013
Bankers Petroleum Exploration Well Update16:15 EDT Tuesday, July 23, 2013
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 suspended.
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% interest 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.
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