Bankers Petroleum Ltd today confirmed its fully funded capital work programme, totalling $65million.
The programme will support the firm’s Enhanced Oil Recovery (EOR) campaign, drilling new horizontal wells in the second half of the year, and managing existing production.
Chief executive David French said: “We have put together a strategic and fully funded capital program that leverages our operational flexibility while prioritizing the strength of the company’s balance sheet. This plan will maintain balanced spending throughout the year, utilising available cash flow to position the company well at the end of 2016 and beyond.”
A total of $14million of will be allocated to support its polymer and water flood programmes with plans to convert 16 existing production wells to injection wells throughout the year.
The plan will now be submitted to the Albanian authorities for approval.
It comes as the firm confirmed a company-wide pay freeze and a 5% rollback in total compensation for all the head office and expatriate staff.
The firm’s executive team also accepted a 10% rollback of their total compensation package.
Bankers currently has a cash position of $46million.
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