Tuesday, Bankers Petroleum Ltd. (BNK, BNK.L. BNK.TO), an oil and gas producer, revealed a three-year plan for development of its Albanian assets and also proposes to restructure its U.S. subsidiary Bankers Petroleum US Inc.The Calgary, Canada-based Bankers Petroleum noted that the total capital investment for the three-year development plan for Albanian assets was $370.0 million and would be funded primarily from existing working capital and future cash flow. The plan objective is to achieve production target of 20,000 barrels of oil per day or bopd by December 2010, while strategic objective is to remain focused on exploration and production activities in Albania.The company added a plan of development to the original three-year plan in March 2008. Accordingly, additional reserves will be accessed through the application of infill vertical and horizontal drilling, and waterflood and thermal recovery techniques. The plan is currently awaiting final approval from Albpetrol Sh. A. and the Albanian Government. The original plan of development mainly comprised of re-completing active wells and re-activation of suspended wells. Positive results from the programs are expected to contribute to additional reserves recognition in 2008 and beyond.The company said evaluation of the recently acquired Kucova oilfield in Albania was under completion and would provide details of its capital program and reserves assessment end second quarter.Bankers Petroleum plans to focus resources on maximizing the potential of Patos Marinza and Kucova heavy oilfields in Albania. The company said that the alternative plans in respect of Bankers US included restructuring it into a separate entity to enable proceed with its own growth plans, details of which would be revealed as soon as possible. The company established a 2008 capital program of $45.0 million to drill, complete and tie-in 30 wells in the Tishomingo gas field. The company expects the program to be funded from working capital and debt secured by the US assets.BNK.L is currently trading at $61.00, down $5.00 or 7.58%, on a volume of 20,498 shares.BNK.TO is currently trading at C$1.34, down C$0.03 or 2.19%, on a volume of 1.69 million shares on the Toronto Stock Exchange.
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