Bankers
Petroleum Albanian Tax Assessment Update
CALGARY, Nov. 20, 2015 /CNW/ - 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.
For further information: David
French, President and Chief Executive Officer, (403)
513-6930; Doug Urch, Executive VP,
Finance and Chief Financial Officer, (403) 513-2691; Laura Bechtel, Investor Relations Analyst, (403)
513-3428; Email: investorrelations@bankerspetroleum.com; Website:
www.bankerspetroleum.com; AIM NOMAD: Canaccord Genuity Limited,
Henry Fitzgerald-O'Connor / Wei Loon
Yap, +44 0 207 523 8000; AIM BROKER: FirstEnergy Capital LLP,
Hugh Sanderson / David van Erp, +44 0 207 448 0200