Bankers resumes full production, prepares for Chinese takeover

Canadian oil company Bankers Petroleum confirmed on Wednesday that it has resumed its usual operations, following the commencement of export activities at the Petrolifera Italo Albanese Terminal port facility near Vlore, Albania on 7 June.

The AIM-traded firm said that over the past six days, or curtailed production by around 4,000 barrels of oil per day within the Patos-Marinza oilfield due to a lack of storage.

Its board said production is now being brought back online with immediate effect, and it is expected to reach post-closure production levels over the next week.

In the same announcement, Bankers said it has received the final approval of the Court of the Queen’s Bench in Alberta for the proposed plan of arrangement with affiliates of Geo-Jade Petroleum Corporation.

Under the terms of the deal, Geo-Jade will acquire all the issued and outstanding common shares of Bankers through its affiliates at a cash price of CAD2.20 each.

The court granted an order approving the arrangement on 3 June, Bankers’ board said.

Completion of the arrangement is subject to the outstanding regulatory approvals from Canadian and Chinese authorities, with closing of the deal expected to occur in late June or early July.

“Following a successful completion of the arrangement, the Bankers shares will be delisted from the Toronto Stock Exchange and the AIM market of the London Stock Exchange,” Bankers’ board confirmed in a statement.