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Bankers Petroleum boss eyes production ramp up in Albania

David French, chief executive of Toronto and AIM listed Bankers Petroleum (LON:BNK) (TSX:BNK) says the firm is aiming to ramp up oil production from its Albania field to 30,000 bopd by 2020.

Speaking at the World Oil & Gas week in London, the CEO exlains that to date at Patos-Marinza, the largest onshore oilfield in Europe, the firm has invested over US$1.7bln dollars in Albania, more than doubled reserves and grown production to over 20,000 bopd.

The firm remains fully funded and cash generative, with margins of US$25 per barrel even with oil prices around US$50.

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