Bankers Petroleum Limited Stop order injunction of Albanian tax assessment

 
TIDMBNK 
 
ICC issues stop order injunction of Albanian tax assessment in favour of 
                               Bankers Petroleum 
 
CALGARY, Nov. 23, 2015 /CNW/ - The Tribunal constituted by the International 
Court of Arbitration of the International Chamber of Commerce ("ICC") has 
issued a stop order requiring the Albanian tax department to revoke the 
suspension of Bankers Petroleum Ltd.'s ("Bankers" or the "Company") (TSX: BNK, 
AIM: BNK) Albanian bank accounts, and protecting the Company against 
enforcement of the previously announced Albanian profit tax assessment.  This 
stop order will remain in place until the Tribunal decides otherwise. 
Subsequent to receiving the ICC Tribunal ruling, Bankers will submit an 
application for a longer term injunction which will be heard by the ICC 
Tribunal in the coming weeks.  Bankers will continue to operate as usual in 
Albania. 
 
The ICC injunction supports the independent handling of the process in 
accordance with applicable international principles.  The third-party 
international cost recovery audit process continues in accordance with the 
Terms of Reference signed September 25, 2015 with the Albanian National Agency 
for Natural Resources (AKBN) and the Ministry of Energy and Industry.  Based on 
the strength of our eleven year relationship with the Albanian Government as 
the largest foreign direct investor and tax payer in Albania, we expect full 
cooperation in compliance with the ICC Tribunal ruling and the third-party 
international cost recovery audit process. 
 
On November 19, 2015, Bankers received notification that the Albanian tax 
department suspended the use of the Company's Albanian bank accounts 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 
this suspension is expected to be lifted immediately.    Bankers will update 
the market regularly as the third-party international cost recovery audit and 
ICC Tribunal processes proceed. 
 
Conference Call 
 
Management of Bankers will host a conference call on November 23, 2015 at 6:30 
am MST (8:30 am EST, 1:30 pm GMT). Following Management's presentation there 
will be a question and answer session for analysts and investors. 
 
To participate in the conference call, please contact the conference operator 
ten minutes prior to the call at 1-888-231-8191 or 1-647-427-7450.  A live 
audio web cast of the conference call will also be available on Bankers website 
at http://www.bankerspetroleum.com./ or by entering the following URL into your 
web browser, https://event.on24.com/eventRegistration/EventLobbyServlet?target= 
registration.jsp&eventid=1100485&sessionid=1&key= 
DF319D8B0E8E6E4C448B64A191B09191&sourcepage=register. 
 
The web cast will be archived two hours after the presentation on the website, 
and posted on the website for 90 days.  A replay of the call will be available 
until December 12, 2015 by dialing 1-855-859-2056 or 1-416-849-0833 and 
entering access code 88307600. 
 
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. 
 
About the International Chamber of Commerce (ICC) 
 
The International Chamber of Commerce is the largest and most diverse, business 
organization in the world with thousands of member companies representing over 
130 countries and a vast array of business interests. ICC is a leading provider 
of dispute resolution services for individuals, businesses, states, state 
entities, and international organizations seeking alternatives to court 
litigation. 
 
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, +44 
0 207 523 8000; AIM BROKER: FirstEnergy Capital LLP, Hugh Sanderson / David van 
Erp, [phone] 
 
 
 
END 
 

(END) Dow Jones Newswires

November 23, 2015 06:00 ET (11:00 GMT)