CALGARY, June 1, 2016 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) announces a temporary production impact from a business interruption at the Petrolifera Italo Albanese ("PIA") Terminal port facility near Vlore, Albania, due to a crude oil leak that occurred when the terminal operator was loading a third-party vessel on Sunday, May 22. The crude oil leak has been cleaned-up; however, operations at PIA Terminal have been suspended while local authorities conduct an investigation into the incident.
The suspension of the export terminal has led to a shortage of available crude storage at the port facility as well as within the Patos-Marinza oilfield. To accommodate this, Bankers will begin to curtail its production on Wednesday, June 1, which may lead to a full field shut-down in the next couple of days without the ability to export crude oil at the port. The suspension is expected to be lifted in the coming days, allowing Bankers to resume its operations as usual.
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 and Eastern Europe. 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". In 2015 Bankers acquired an 85% interest in the rights to explore the Püspökladány Block concession within the Pannonian Basin located in north eastern Hungary. The Bankers Shares are traded on the TSX and the AIM Market in London, England under the stock symbol BNK.
Caution Regarding Forward-looking Information
Certain information set forth in this press release, including information and statements which may contain words such as "could", "plans", "intends" "should", "anticipate", "expects", "will", "propose", "opportunity", "future", "continue", and similar expressions and statements relating to matters that are not historical facts, contain forward-looking statements, including but not limited to statements regarding: the suspension of operations at the PIA Terminal, the curtail of Bankers' production, and the resumption of Bankers' production and operations at the PIA Terminal. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Bankers' control. The foregoing list is not exhaustive. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievement of Bankers could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Bankers will derive therefrom. Bankers disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
SOURCE Bankers Petroleum Ltd.
For further information: David French, President and Chief Executive Officer, (403) 513-6930; Doug Urch, Executive VP, Finance and Chief Financial Officer, (403) 513-2691; Laura Bechtel, Investor Relations and Corporate Communications Specialist (403) 513-3428; Email: [email protected]; Website: www.bankerspetroleum.com; AIM NOMAD: Canaccord Genuity Limited, Henry Fitzgerald-O'Connor, +44 0 207 523 8000; AIM BROKER AND FINANCIAL ADVISOR: FirstEnergy Capital LLP, Hugh Sanderson / David van Erp, +44 0 207 448 0200