CALGARY, Nov. 23, 2015 /PRNewswire/ - The Tribunal
constituted by the International Court of Arbitration of the
International Chamber of Commerce ("ICC") has issued a stop order
requiring the Albanian tax department to revoke the suspension of
Bankers Petroleum Ltd.'s ("Bankers" or the "Company") (TSX: BNK,
AIM: BNK) Albanian bank accounts, and protecting the Company
against enforcement of the previously announced Albanian profit tax
assessment. This stop order will remain in place until the
Tribunal decides otherwise. Subsequent to receiving the ICC
Tribunal ruling, Bankers will submit an application for a longer
term injunction which will be heard by the ICC Tribunal in the
coming weeks. Bankers will continue to operate as usual in
Albania.
The ICC injunction supports the independent handling of the
process in accordance with applicable international
principles. The third-party international cost recovery audit
process continues in accordance with the Terms of Reference signed
September 25, 2015 with the Albanian
National Agency for Natural Resources (AKBN) and the Ministry of
Energy and Industry. Based on the strength of our eleven year
relationship with the Albanian Government as the largest foreign
direct investor and tax payer in Albania, we expect full cooperation in
compliance with the ICC Tribunal ruling and the third-party
international cost recovery audit process.
On November 19, 2015, Bankers
received notification that the Albanian tax department suspended
the use of the Company's Albanian bank accounts 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 this suspension is expected to be
lifted immediately. Bankers will update the
market regularly as the third-party international cost recovery
audit and ICC Tribunal processes proceed.
Conference Call
Management of Bankers will host a conference call on
November 23, 2015 at 6:30 am MST (8:30 am
EST, 1:30 pm GMT). Following
Management's presentation there will be a question and answer
session for analysts and investors.
To participate in the conference call, please contact the
conference operator ten minutes prior to the call at 1-888-231-8191
or 1-647-427-7450. A live audio web cast of the conference
call will also be available on Bankers website at
www.bankerspetroleum.com or by entering the following URL into your
web browser,
https://event.on24.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=1100485&sessionid=1&key=DF319D8B0E8E6E4C448B64A191B09191&sourcepage=register.
The web cast will be archived two hours after the presentation
on the website, and posted on the website for 90 days. A
replay of the call will be available until December 12, 2015 by dialing 1-855-859-2056 or
1-416-849-0833 and entering access code 88307600.
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.
About the International Chamber of Commerce
(ICC)
The International Chamber of Commerce is the largest and most
diverse, business organization in the world with thousands of
member companies representing over 130 countries and a vast array
of business interests. ICC is a leading provider of dispute
resolution services for individuals, businesses, states, state
entities, and international organizations seeking alternatives to
court litigation.
SOURCE Bankers Petroleum Ltd.