CALGARY, Nov. 20, 2015 /PRNewswire/ - Bankers Petroleum
Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) has applied
for an injunction through the International Chamber of Commerce
(the "ICC") to provide protection against enforcement of the
previously announced Albanian tax assessment until the conclusion
of the agreed upon third-party international audit. Bankers
expects to receive a decision in respect to a preliminary phase of
its application for the ICC injunction in the coming
days.
On November 19,
2015, Bankers received notification that the Albanian tax
department has suspended the use of the Company's Albanian bank
accounts used to pay local suppliers in an attempt to collect an
amount of $75 million, increased due
to assessed interest and penalties from the previously announced
$57 million tax assessment.
Bankers does not hold a significant balance in its Albanian bank
accounts and field operations in Albania continue as usual. Although no formal
notice of a decision by the Albanian appeals court has been issued,
Bankers assumes that the Albanian appeals court has overturned the
Albanian court injunction issued October
1, 2015. Bankers will update the market regularly as
the ICC process proceeds.
The progression of the third-party international audit process
continues in line with the Terms of Reference signed September 25, 2015 with the Albanian National
Agency for Natural Resources (AKBN). An ICC injunction will
allow the process in its entirety to be handled independently in
accordance with acceptable international principles. It is
Bankers expectation that the Albanian Government will comply with
any international ruling and support the outcome of the third-party
audit process.
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.