Canadian unconventional energy asset developer Bankers Petroleum has announced that it has successfully closed its previously announced acquisition of a 50% interest in Albania's Kucova oilfield through the acquisition of 50% of the issued and outstanding securities of an independent private company.
The undisclosed private company, in which Bankers acquired a 50% stake, holds the exclusive right to evaluate and redevelop the Kucova heavy oilfield pursuant to a petroleum agreement with state-owned firm, Albpetrol, and a license agreement with the National Agency of National Resources.
The consideration paid included cash and warrants. An application has been made for admission of the shares underlying the warrants to the Alternative Investment Market of the London Stock Exchange.
Bankers said that it 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 Canadian company has until June 30, 2008, to exercise the option.