Bankers Petroleum Ltd. has successfully closed its previously announced acquisition of a 50% interest in the Kucova oilfield through the acquisition of 50% of the issued and outstanding securities of an independent private company (Privatco).
Privatco holds the exclusive right to evaluate and redevelop the Kucova heavy oilfield located in Albania pursuant to a Petroleum Agreement with Albpetrol Sh.A. of Albania, the state-owned petroleum company, and a License Agreement with the National Agency of National Resources. The consideration paid included cash and warrants. Application has been made for admission of the shares underlying the warrants to the AIM Market of the London Stock Exchange.
Bankers will undertake an evaluation of the oilfield to further define its remaining reserves and production potential. The terms of the transaction include an option to acquire the remaining 50% interest for an aggregate 100%; the company has until June 30, 2008 to exercise this option.
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