Bankers Petroleum Ltd. announces 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 approximately 740 km2 (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.