Bankers Petroleum files bid for Albpetrol

Bankers’ bid consists of a combination of cash consideration and future work programme funding commitments in the areas of field development, social programs and remediation of legacy environmental issues, the company said in a press release.

“We are excited to have participated in the process and feel that the combination of ongoing excellence in development of oil and gas resources in Albania, a continued focus on the social welfare of the communities we work among, plus a commitment to co-invest alongside the Government of Albania to address longstanding legacy environmental issues will all lead to serious consideration by the government for our bid,” Abby Badwi, vice chairman, president and CEO of Bankers Petroleum, said.

Bankers Petroleum Ltd. is an oil and gas exploration and production company focused on maximizing the value of its heavy oil assets in Albania.

Bankers' main operations are in Albania where the company has the full rights to develop the Patos-Marinza and Kucova heavy oilfields pursuant to 25-year license agreements with the Albanian National Agency for Natural Resources and a petroleum agreement with Albpetrol.

The Patos-Marinza oilfield is the largest onshore oilfield in continental Europe, holding approximately 7.7 billion barrels of original oil in place. The Kucova field has 297 million barrels of original-oil-in-place.

Bankers also holds a seven-year exploration license on a 185,000 acre block named "Block F", which is also prospective for natural gas.