Bankers Petroleum Limited Bankers Petroleum Albanian Tax Assessment Update

 
TIDMBNK 
 
Bankers Petroleum Albanian Tax Assessment Update 
 
CALGARY, Nov. 20, 2015 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the 
"Company") (TSX: BNK, AIM: BNK) has applied for an injunction through the 
International Chamber of Commerce (the "ICC") to provide protection against 
enforcement of the previously announced Albanian tax assessment until the 
conclusion of the agreed upon third-party international audit. Bankers expects 
to receive a decision in respect to a preliminary phase of its application for 
the ICC injunction in the coming days. 
 
On November 19, 2015, Bankers received notification that the Albanian tax 
department has suspended the use of the Company's Albanian bank accounts used 
to pay local suppliers in an attempt to collect an amount of $75 million, 
increased due to assessed interest and penalties from the previously announced 
$57 million tax assessment. Bankers does not hold a significant balance in its 
Albanian bank accounts and field operations in Albania continue as usual. 
Although no formal notice of a decision by the Albanian appeals court has been 
issued, Bankers assumes that the Albanian appeals court has overturned the 
Albanian court injunction issued October 1, 2015. Bankers will update the 
market regularly as the ICC process proceeds. 
 
The progression of the third-party international audit process continues in 
line with the Terms of Reference signed September 25, 2015 with the Albanian 
National Agency for Natural Resources (AKBN). An ICC injunction will allow the 
process in its entirety to be handled independently in accordance with 
acceptable international principles. It is Bankers expectation that the 
Albanian Government will comply with any international ruling and support the 
outcome of the third-party audit process. 
 
About Bankers Petroleum Ltd. 
 
Bankers Petroleum Ltd. 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 oilfield, has a 100% interest in the Kuçova oilfield, and a 100% interest 
in Exploration Block "F". Bankers' shares are traded on the Toronto Stock 
Exchange and the AIM Market in London, England under the stock symbol BNK. 
 
 
For further information: David French, President and Chief Executive Officer, 
[phone]; Doug Urch, Executive VP, Finance and Chief Financial Officer, 
[phone]; Laura Bechtel, Investor Relations Analyst, [phone]; 
Email: [e-mail]; Website: 
www.bankerspetroleum.com; AIM NOMAD: Canaccord Genuity Limited, Henry 
Fitzgerald-O'Connor / Wei Loon Yap, [phone]; AIM BROKER: FirstEnergy 
Capital LLP, Hugh Sanderson / David van Erp, [phone] 
 
 
 
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(END) Dow Jones Newswires

November 20, 2015 09:09 ET (14:09 GMT)