Bankers Petroleum Ltd. provided an update on the flooding situation in Albania.
On December 4, 2010, the banks of the Semani River, which winds through the northern half of the Patos-Marinza heavy oil field were breached by high water levels due to heavy rainfall. The flooding, which extends into current areas of development in the field, caused Bankers to shut in 1,800 bopd of production and shut down operations of three workover rigs and one drilling rig.
The rain has currently ceased. The river is back within the banks; water levels are beginning to recede; and as of this morning, 1,200 bopd of production have been restored.
While new rainfall may add to delays in resumption of activity, Bankers is optimistic that activity will resume at full capacity in short order. A full assessment of property and equipment damage is under way.
Bankers is happy to report that all employees and consultants are safe, and no injuries have been sustained. Additionally, the company is pleased to be assisting the local communities.
Source: Press release
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