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China's Geo-Jade closes purchase of Albania-focused Bankers Petroleum

China's Geo-Jade closes purchase of Albania-focused Bankers Petroleum Thaiview/Shutterstock.com

TIRANA (Albania), September 29 (SeeNews) - Albania-focused Canadian oil producer Bankers Petroleum [TSX: BNK, AIM: BNK] said on Thursday that its acquisition by the Chinese exploration and production corporation Geo-Jade Petroleum has been completed.

Geo-Jade has acquired all the issued and outstanding common shares of Bankers for a cash price of 2.20 Canadian dollars ($1.6/1.5 euro) per share, Bankers Petroleum said in a statement. Thus the whole deal has a total worth of 575 million Canadian dollars.

The Bankers shares will be delisted from the Toronto Stock Exchange in the next three or four business days. The shares will also be delisted from the AIM segment of the London Stock Exchange on September 30.

The deal took six months to be completed.

Bankers Petroleum generates all of its oil revenue in Albania, where it operates and has the full rights to develop the Patos-Marinza oilfield, has a 100% interest in the Kucova oilfield, and a 100% interest in Exploration Block "F" - all of them situated in the southwestern part of the country. In the first half of 2016 Banker's net loss widened to $33.8 million from $9.6 million in the same period last year.

(1 euro=1.47190 Canadian dollars)

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