CALGARY, Feb. 24, 2016 /CNW/ - Bankers Petroleum Ltd.
(Bankers or the Company) (TSX: BNK, AIM: BNK) is pleased to
announce that the Minister of Energy and Industry, AKBN, and
Bankers have signed a formal agreement for the appointment of an
international expert audit team to review Bankers' 2011
expenditures and assess whether they were certifiable petroleum
costs according to the Petroleum Agreement and License Agreements.
The determination of the expert will be binding and the Albanian
tax authority will recalculate Bankers tax obligations for 2011
based upon the expert's determination. The audit is expected to
commence immediately and conclude within the second quarter. The
parties have also committed to using the expert's determination as
the basis for certifying petroleum costs in subsequent years,
including calculation of Bankers tax obligations for 2012.
As a result of the parties entering into this agreement, the
international arbitration will be suspended. Additionally,
the Government of Albania and
Bankers will open a dialogue on clarifying terms in the Petroleum
Agreement and License Agreement and review the existing fiscal
terms for changes that work for both parties, subject to resolution
of the cost recovery matter.
David French, President and Chief
Executive Officer of Bankers said "resolving this dispute will send
a great signal that Bankers and the Government of Albania are working together to encourage
investment and development. We look forward to reaching an
appropriate outcome, and turning our attention to continuing to
manage the Patos-Marinza field for the best interest of the
Government, the environment, our employees, and the local Albanian
communities we serve."
Caution Regarding Forward-looking Information
Information in this news release respecting matters such as
the expected future production levels from wells, future prices and
netback, work plans, anticipated total oil recovery of the
Patos-Marinza and Kuçova oilfields constitute forward-looking
information. Statements containing forward-looking
information express, as at the date of this news release, the
Company's plans, estimates, forecasts, projections, expectations,
or beliefs as to future events or results and are believed to be
reasonable based on information currently available to the
Company.
Exploration for oil is a speculative business that involves a
high degree of risk. The Company's expectations for its
Albanian operations and plans are subject to a number of risks in
addition to those inherent in oil production operations, including:
that Brent oil prices could fall resulting in reduced returns and a
change in the economics of the project; availability of financing;
delays associated with equipment procurement, equipment failure and
the lack of suitably qualified personnel; the inherent
uncertainty in the estimation of reserves; exports from
Albania being disrupted due to
unplanned disruptions; and changes in the political or economic
environment.
Production and netback forecasts are based on a number of
assumptions including that the rate and cost of well takeovers,
well reactivations and well recompletions of the past will continue
and success rates will be similar to those rates experienced for
previous well recompletions/reactivations/development; that further
wells taken over and recompleted will produce at rates similar to
the average rate of production achieved from wells
recompletions/reactivations/development in the past; continued
availability of the necessary equipment, personnel and financial
resources to sustain the Company's planned work program; continued
political and economic stability in Albania; the existence of reserves as
expected; the continued release by Albpetrol of areas and wells
pursuant to the Plan of Development and Addendum; the absence of
unplanned disruptions; the ability of the Company to successfully
drill new wells and bring production to market; and general risks
inherent in oil and gas operations.
Forward-looking statements and information are based on
assumptions that financing, equipment and personnel will be
available when required and on reasonable terms, none of which are
assured and are subject to a number of other risks and
uncertainties described under "Risk Factors" in the Company's
Annual Information Form and Management's Discussion and Analysis,
which are available on SEDAR under the Company's profile at
www.sedar.com.
There can be no assurance that forward-looking statements
will prove to be accurate. Actual results and future events
could differ materially from those anticipated in such
statements. Readers should not place undue reliance on
forward-looking information and forward looking statements.
Review by Qualified Person
This release was reviewed by Suneel
Gupta, Executive Vice President and Chief Operating Officer
of Bankers Petroleum Ltd., who is a "qualified person" under the
rules and policies of AIM in his role with the Company and due to
his training as a professional petroleum engineer (member of APEGA)
with over 20 years' experience in domestic and international oil
and gas operations.
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, 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". Bankers' shares are traded on the Toronto Stock
Exchange and the AIM Market in London,
England under the stock symbol BNK.
SOURCE Bankers Petroleum Ltd.