The company to be acquired holds the exclusive right to evaluate and re-develop the Kucova heavy oilfield located in Albania pursuant to a petroleum agreement with Albpetrol, the Albanian state-owned petroleum company, and a license agreement with the country’s National Agency of National Resources.
The Kucova oilfield is located in the south-central region of Albania, approximately 30 kilometers northeast of the Bankers Petroleum-owned Patos Marinza field.
Bankers Petroleum said that the Kucova field has in excess of 490 million barrels of oil in-place. Recovery to date is approximately 6% and, once the acquisition is closed, Bankers will undertake an evaluation of the oilfield to further define its remaining reserves and production potential.
The acquisition of the initial 50% interest in the firm is expected to close in February 2008. Bankers Petroleum has until June 30, 2008 to exercise its option to acquire the remaining 50% interest.
Richard Wadsworth, president of Bankers Petroleum, said: We’re extremely pleased with this opportunity as we see many synergies between Kucova and our existing Patos Marinza asset. This acquisition fits well with our strategy of focusing on our investments in Albania.
