Bankers Petroleum Limited Contract
01 September 2016 - 8:00AM
UK Regulatory
TIDMBNK
Bankers Petroleum Announces Domestic Crude Oil Sales Contract
CALGARY, Aug. 31, 2016 /CNW/ - 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.
Caution Regarding Forward-looking Information
Certain information set forth in this press release, including information and
statements which may contain words such as "could", "plans", "intends"
"should", "anticipate", "expects", "will", "propose", "opportunity", "future",
"continue", and similar expressions and statements relating to matters that are
not historical facts, contain forward-looking statements, including but not
limited to statements regarding: the crude oil sales agreement, and the timing
of receipt of required Albania government, regulatory approvals and the
anticipated timing of closing of the corporate transaction. By their nature,
forward-looking statements are subject to numerous risks and uncertainties,
some of which are beyond Bankers' control. The foregoing list is not
exhaustive. Readers are cautioned that the assumptions used in the preparation
of such information, although considered reasonable at the time of preparation,
may prove to be imprecise and, as such, undue reliance should not be placed on
forward-looking statements. The actual results, performance or achievement of
Bankers could differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be given that any
of the events anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that Bankers will derive
therefrom. Bankers disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by applicable securities laws.
David French, President and Chief Executive Officer, (403) 513-6930; Doug Urch,
Executive VP, Finance and Chief Financial Officer, (403) 513-2691; Laura
Bechtel, Investor Relations and Corporate Communications Specialist, (403)
513-3428; Email: investorrelations@bankerspetroleum.com, Website:
www.bankerspetroleum.com; AIM NOMAD: Canaccord Genuity Limited, Henry
Fitzgerald-O'Connor, +44 0 207 523 8000; AIM BROKER AND FINANCIAL ADVISOR:
FirstEnergy Capital LLP, Hugh Sanderson / David van Erp, +44 0 207 448 0200
END
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