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Albania seeks investors for shuttered Ballsh, Fier refineries.

The Albanian government said it is willing to lend its full support to any private initiative that would redevelop Ionian Refining & Trading Co.’s (IRTC) recently shuttered 20,000-b/d Ballsh and 10,000-b/d Fier refineries in eastern Albania. Albania’s government remains committed to detail to support any serious investor who will come up with a project for business development […]

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Why Albania is THAT important to the Balkans

A couple of weeks ago, Director of IN-VR, Chryssa Tsouraki published an article on Albania’s importance to the Balkans region that went viral: “Albania is far too important for Europe’s energy security to be ignored or even underestimated. Some quick facts about Albania to familiarise yourselves: –  Patos Marinza: The largest oil field in Europe, operated by Bankers […]

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Pennine signs Velca Block PSA, anticipates into Albania’s energy industry.

 “Pennine” is pleased to announce that it has signed a Production Sharing Agreement (“PSA”) with Albpetrol Sh.A (“Albpetrol”) for the exploration and development of the Velca Block in Albania. The finalized PSA contains a license agreement signed by Pennine, Albania’s Ministry of Energy and Industry, and Albpetrol, the country’s state-owned energy firm, for a six(6)-year […]

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Audit finds in favour of Bankers Petroleum in tax dispute with Albanian government

Canada-based Bankers Petroleum said on August 29 it has finally resolved a tax dispute with the Albanian government and it will be reimbursed for “excessive payments” made to the Albanian tax authorities. The binding third-party audit report on the 2011 tax dispute said that Bankers “correctly stated its 2011 expenses as cost recoverable”, Bankers said in a statement. In February Bankers, […]

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Bankers Petroleum Ltd. to be acquired by an affiliate of Geo-Jade Petroleum

CALGARY, March 20, 2016 /PRNewswire/ – Bankers Petroleum Ltd. (“Bankers”) (TSX: BNK, AIM: BNK) is pleased to announce that it has entered into a definitive agreement (the “Arrangement Agreement”) with 1958082 Alberta Ltd. (the “Purchaser”) and Charter Power Investment Limited (“Charter Power”) for the purchase of all the issued and outstanding common shares of Bankers […]

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Bankers Petroleum, Albania to pick auditor to settle tax spat

Canada’s Bankers Petroleum has agreed with Albania’s national resources watchdog to pick a third-party auditor to resolve a tax dispute over its 2011 spending, the company and Albanian officials said on Monday. Bankers Petroleum has been extracting oil for 11 years in the Patos-Marinza oil field under an output-sharing contract which allows it to recover […]

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Bankers Petroleum provides operational update for Q2 2015

Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is pleased to announce the Company’s second quarter operational update. Production Average production from the Patos-Marinza and Kuçova oilfields in Albania for the second quarter of 2015 was 20,045 barrels of oil per day (bopd), an increase of 1.4% compared to the first quarter 2015 average of 19,767 […]

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Bankers Petroleum – An Overlooked Gem In An Otherwise Floundering Industry

Summary Bankers is extracting crude from continental Europe’s largest onshore oilfield; Patos-Marinza in Albania. Growing production with the move from old, reactivated, vertical wells to efficient, horizontal wells. Thriving in the recent crude price slump due to improving efficiencies, netbacks, and market price of crude extracted. Target price of $4.50 based on DCF & Comps. […]