Bankers Petroleum has signed an agreement with Albpetrol to accelerate the takeover of production and royalty payments for all remaining Albpetrol active well production.

The agreement also included the expansion of the project area and development plan to include all of the contract area of the Patos-Marinza oilfield concession in Albania.

Bankers will become the sole operator and Albpetrol will stop conducting all petroleum operations in the Patos-Marinza oilfield and contract area.

The total consideration for the takeover rights of 140 active wells, with current production of 400bopd, retention of the associated pre-existing production royalty and sole operatorship of the contract area, is $24m and an additional $10m payment for environmental stewardship and social retrenchment.

As per Bankers’ existing Petroleum agreement, Albpetrol shall retain all liabilities and obligations for legacy environmental damages in the contract area.

Over the next three months, Bankers plans to take over and systematically shut-in all existing production and associated facilities from these wells.

Clean-up, re-equipping and reactivation will be conducted over the following several months.