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Albania: Bankers Petroleum receives approval for Block F exploration acreage application

06 Dec 2009

Bankers Petroleum has announced that the main terms and conditions for a petroleum agreement for Block 'F' exploration acreage application have been accepted by the National Agency of Natural Resources (AKBN). Negotiations of a Production Sharing Agreement (PSA) will begin immediately with an objective to submit a final draft PSA by January 2010 for necessary approvals by the Government of Albania.

Block F is located immediately west of Bankers Petroleum Patos Marinza oil field and covers an area of approx. 740 sq km (185,000 acres). Excluded from the area are three gas fields operated by Albpetrol, the Albanian national oil company. The area contains several seismically defined structural and amplitude anomalies prospective for oil and natural gas.

Bankers Petroleum 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 oil field and has a 100% interest in the Kucova oil field.

Source: Bankers Petroleum