Two-thousand and fourteen was another remarkable year for Bankers, even with the challenges of the oil markets in the second half of the year. Bankers achieved 14% production growth, with an annual average production of 20,690 bopd and drilled a record 160 wells. Over the year, our team took nearly $3 per barrel out of our operating and sales and transportation costs by focusing our capital on high impact projects. Bankers is well positioned to make the most of the tougher commodity world we’re given with a fully funded 2015 capital program of $153 million dollars. Because we hold 100% rights to the concessions we operate, we have always controlled our pace and scale. This is the year we lengthen our stride.Operational Strategy
The ability to quickly reduce our drilling costs, in combination with our hedging program gave us a soft landing in this lower price environment. With a cash position of over $70 million and net cash margin of over $20/barrel at $50 Brent, we stack up well against other heavy oilfields in the world.
We have ongoing efforts to cut our average drilling cost per well by 15% and will continue to reduce operating costs, realizing additional cost savings of $2 - $3 per barrel in the coming years.
|Total Proved (1P)||122.3||2.8||125.0|
|Total Proved Plus Probable (2P)||191.4||12.0||203.3|
|Total Proved, Probable & Possible (3P)||272.8||27.5||300.3|
Bankers is committed to the highest standards for our operations, health, safety, environmental practices and stakeholder engagement. It is our top priority to be a good neighbor, and contribute positively to the Country and communities in which we operate.Our Responsibility