Bankers Petroleum Says Albanian Authorities Committed to Resolve Audit Through Third-Party

Canada’s Bankers Petroleum said it has obtained a commitment from the Albanian National Agency for Natural Resources (AKBN) to engage a third-party international auditor to resolve an outstanding audit regarding eligible operating and capital expenses for cost recovery.

"Over the coming weeks, the parties will select an international auditor and expect to reach a conclusion on the matter over the next several months," Bankers Petroleum said in a statement posted on Monday on its website.

According to the statement, the effort is expected to also resolve a recently received tax balance assessment of $57 million (50.5 million euro) based on the aforementioned outstanding audit.

"This represents a significant step towards enhancing transparency in the administration and regulation of oil and gas activities in Albania," David French, president and chief executive officer of Bankers Petroleum, said.

"Bankers views this commitment by the authorities as an important milestone in the ongoing improvement of our operations."

Bankers Petroleum is an oil and gas exploration and production company focused on maximizing the value of its heavy oil assets in Albania.  

Bankers Petroleum's main operations are in Albania where the company has the full rights to develop the Patos-Marinza and Kucova heavy oilfields pursuant to 25-year license agreements with the Albanian National Agency for Natural Resources and a Petroleum Agreement with oil and gas corporation Albpetrol.

The Patos-Marinza oilfield is the largest onshore oilfield in continental Europe, holding approximately 7.7 billion barrels of original oil in place. The Kucova field has 297 million barrels of original-oil-in-place.

Bankers also holds a seven-year exploration license on a 185,000 acre block named "Block F", which is also prospective for natural gas.

Source: SeeNews