Bankers Petroleum announces domestic crude oil sales contract
Thursday, Sep 01, 2016
Bankers Petroleum Ltd. (“Bankers” or the “Company”) (TSX: BNK, AIM: BNK) is pleased to announce the signing of a conditional domestic offtake crude oil sales agreement with Ionian Refining and Trading Co. – IRTC SH.A. (“IRTC”).  The agreement will become effective upon receipt by Bankers of the Albanian Government’s approval of the Company’s proposed drilling program for the fourth quarter of 2016 and in respect of amendments to lifting procedures between the Company and Albpetrol Sh.A for handling of Albpetrol’s share of volumes from the Patos-Marinza oilfield.

Once effective, Bankers may sell up to 65% of its crude oil production under the agreement pursuant to which the Company will receive payment security in advance of crude deliveries.  In accordance with the agreement, deliveries will be made from October 1, 2016 through to December 31, 2017.  

Pricing for crude oil sales made under the agreement is equivalent, on a full cost basis, to the pricing obtained by Bankers for its export sales, after accounting for reduced transportation and terminal fees.  IRTC will process the crude oil at the domestic Fier and Ballsh refineries in Albania.  The balance of Bankers’ production will continue to be sold to the export market.

Bankers is pleased to see the domestic refining market re-emerge as an employer in the region and welcomes working with the Albanian Government, its agencies and IRTC to see this agreement come to fruition.

Corporate Transaction Update

Bankers and Geo-Jade Petroleum Corporation remain committed to completing the corporate transaction pursuant to an arrangement agreement dated March 19, 2016. The transaction is expected to close before September 30, 2016 and remains subject to the regulatory approval of the Chinese State Administration of Foreign Exchange.  Following successful completion of the transaction, Bankers Shares will be delisted from the Toronto Stock Exchange and the AIM market of the London Stock Exchange.

About Bankers Petroleum Ltd.

Bankers Petroleum Ltd. is a Canadian-based oil and gas exploration and production company focused on developing large oil and gas reserves in Albania and Eastern Europe.  In Albania, Bankers operates and has the full rights to develop the Patos-Marinza heavy oilfield, has a 100% interest in the Kuçova oilfield, and a 100% interest in Exploration Block “F”.  In 2015 Bankers acquired an 85% interest in the rights to explore the Püspökladány Block concession within the Pannonian Basin located in north eastern Hungary.  The Bankers Shares are traded on the TSX and the AIM Market in London, England under the stock symbol BNK.

For more information, please visit :

For additional information on this project, please visit our Projects OGP database

Member Profiles

Featured Profile

Featured Videos

Featured Case Studies