October 7, 2010 / 1:26 PM / 7 years ago

UPDATE 2-Bankers Petroleum cuts 2010 exit output view, shrs fall

* Sees 2010 exit production rate of 12,000 bopd

* Sees 2011 exit production rate of 20,000 bopd

* Says Q3 production averaged 9,826 bopd

* Shares fall 8 pct (Adds details)

Oct 7 (Reuters) - Canada’s Bankers Petroleum Ltd BNK.TO lowered its exit production rates forecast for the current and the next two years, hit by delays in the takeover of wells from the Albanian national oil company.

Shares of the Calgary, Alberta-based company, which posted a sequential decline in quarterly production, fell about 8 percent to a low of C$6.70, before paring some of the losses to trade at C$7.04 on the Toronto Stock Exchange.

Bankers, which has an agreement with Albpetrol Sh.a. since June 2004 to takeover and re-activate 120-130 wells every year, said it expects to take over about 30 wells in the fourth quarter.

Bankers said production in the third quarter was hit after the Albanian ministry of energy froze the handover of the wells.

Albpetrol handed over only 10 of the expected 100 wells by the end of the July-September quarter. On Oct. 5, however, it handed over 55 more wells.

Albpetrol currently has about 1000-1100 barrels of oil per day (bopd) of production remaining in Patos-Marinza, which Bankers intends to take control of over the next three years.

Bankers sees 2010 exit production rate of 12,000 bopd, down from its previous view of 15,000 bopd. It targets 20,000 bopd for 2011, down from 24,000 bopd it expected earlier.

The company expects its 2012 production rate to be lower than the 32,000 bopd it had forecast earlier, despite the planned addition of a fourth drilling rig in the second quarter next year.

Third-quarter production average from the oilfield in Albania dipped to 9,826 bopd, from 9,830 bopd in the previous quarter. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Don Sebastian)

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