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Bankers Petroleum Acquires 50% Interest in Kucova Heavy Oilfield in Albania and Option to Acquire 100%
Field Evaluated at Over 490 MBBLS Original-Oil-in-Place CALGARY, Jan. 30 /CNW/ - Bankers Petroleu...
About this update from Big Banc Split Corp. Class A
[{"type":"text","content":"\n\n\n\nField Evaluated at Over 490 MBBLS Original-Oil-in-Place\n\n\nCALGARY, Jan. 30 /CNW/ - Bankers Petroleum Ltd. (TSX: BNK, AIM: BNK) is\npleased to announce that it has agreed to acquire 50% of the issued and\noutstanding securities of an independent private company ("Privatco") and has\nan option to acquire the remaining 50% interest for an aggregate 100%.\nPrivatco holds the exclusive right to evaluate and redevelop the Kucova heavy\noilfield located in Albania pursuant to a Petroleum Agreement with Albpetrol\nSh.A. of Albania, the state-owned petroleum company, and a License Agreement\nwith the National Agency of National Resources (AKBN). The terms of the\nPetroleum Agreement are substantially the same as those governing Bankers'\nPetroleum Agreement for the Patos Marinza oilfield.\n\n\nThe Kucova field has in excess of 490 million barrels of\noriginal-oil-in-place that averages 17 degrees API gravity, based on previous\nreservoir reports prepared by DeGolyer and MacNaughton Canada Limited for\nPrivatco. Geologically, it is similar to Bankers' Patos Marinza oilfield,\nconsisting of multiple stacked sandstone reservoirs of various oil gravities.\nRecovery to date is approximately six percent. Once closed, Bankers will\nundertake an evaluation of the oilfield to further define its remaining\nreserves and production potential and ensure compliance with Canadian Security\nAdministrators' National Instrument 51-101.\n\n\nThe acquisition of the initial 50% interest in Privatco is expected to\nclose in February, subject to the satisfaction of certain conditions including\ncompletion of formal documentation. The Company has until June 30, 2008 to\nexercise its option to acquire the remaining 50% interest.\n\n\n"We're extremely pleased with this opportunity as we see many synergies\nbetween Kucova and our existing Patos Marinza asset," said Richard Wadsworth,\nPresident. "From initial review, the reservoir appears to be very similar\ngeologically, and we believe it has the potential to provide additional\nproduction and reserves through secondary and enhanced oil recovery\ntechniques. This acquisition fits well with our strategy of focusing on our\ninvestments in Albania."\n\n\nAbout the Kucova Oilfield:\n\n\n--------------------------\n\n\nThe Kucova oilfield is located in the South Central region ...