Bankers Petroleum

Bankers Petroleum own the Patos-Marinza oil field wich is dhe largest oil field in Albania it's history began since 1994. 

In 1994

AAP (Anglo Albanian Petroleum, a partnership between Premier Oil, IFC, OMV and Albpetrol), signed the original concession for the development of the Patos-Marinza oilfield.

In 2003

AAP had spent the past nine years evaluating the Patos-Marinza asset but due to weak oil price environment and punitive contract terms, the Company relinquished the block in early 2004. A technical team from AAP saw the tremendous opportunity in the asset and came back to Canada to raise seed money to reactivate wells under a new concession, to what became the present day Bankers Petroleum

In 2004 

Bankers is granted the Petroleum Agreement to operate the Patos-Marinza oilfield.

In 2006

Bankers Petroleum acquires four unconventional shale gas prospects in northern and central United States.

In 2007

The first train of cascading tanks used to treat their oil at the Central Treatment Facility (CTF) was built. The CTF is a scalable facility where trains can be added treating capacity alongside our growth

In 2008

Bankers acquires 50% interest in the Kucova oilfield.

In 2008

Bankers acquires the remaining 50% interest in Kucova through the acquisition of the remaining 50% of the issued and outstanding securities of the independent private company Sherwood International Petroleum Ltd. which is now a wholly-owned subsidiary of Bankers.

In 2008

Bankers Petroleum spun out its North American assets as BNK Petroleum and refocusing Bankers Petroleum’s attention of the Patos-Marinza field.

In 2008

Bankers drilled its first horizontal well, revitalizing the field, and increasing nearly doubling the recovery factor of the oil in place.

In 2009

The Petrolifera Italo Albanese (PIA) Terminal in the port of Vlore, Albania was completed. Bankers has a total of 153,140 bbls storage at the port. 145,400 bbls of oil can be shipped there.

In 2009

Bankers Petroleum finalized loan agreements with the International Finance Corporate (IFC), a member of the World Bank Group, and the European Bank for Reconstruction and development (EBRD) for the provision of reserved-based long term financing of up to US$110 million to fund capital requirements and working capital needs for the Company’s projects in Albania

In 2009

The International Finance Corporation (IFC) exercised its warrant holdings of 8.0 million warrants generating proceeds of CDN $12 million. The IFC is a global investor and advisor committed to promoting sustainable projects in developing member countries that are economically beneficial, financially and commercially sound, and environmentally and socially sustainable.

In 2009

Bankers finalizes the Production Sharing Contract for the acquisition of Block F.

In 2012

Bankers commensed operation of a pipeline to take oil from our Central Treating Facility in the field 11 km to the Fier Hub truck loading station. This was the first phase of a planned pipeline which will extend the 35 km stretch along the existing highway to the Port in Vlore.

In 2013

Began preliminary injectivity testing at the first pilot polymer flood location.

In 2013

The International Finance Corporation and the European Bank for Reconstruction and Development have approved an extension of the Company’s existing credit facility to September 2020. No repayments are required until September 2017, from which time the facility amount will decrease by 25% annually. Collectively the revolving loan facilities will increase to $200 million from the existing $100 million.

In 2014

On July 11th, 2014, Bujar Nishani, President of the Republic of Albania, presented a medal for “Special Civil Merits” to Abby Badwi at a ceremony held at the Presidential Palace in Tirana. Abby was awarded in recognition of his continuous activity in the economic, social & cultural life of the country, as well as for his many years professional assistance while he held the position of the President and CEO of Bankers Petroleum LTD. in Albania.

In 2014

Drilled their first pilot multi-lateral well, the first of its kind in an unconsolidated sandstone. Using this technology could help to unlock target locations with heavy oil mobility concerns and thinner pay zones to expand our development and improve recovery.

In 2014

Completed the county’s first 3D seismic shoot to image the Bubullima area, at the northwest corner of our field as well as a portion of Block F. After interpreting the 3D seismic we will be able to better determine future Bubullima drilling locations as well as evaluate potential natural gas targets on Block "F".

In 2014

Bankers Petroleum has been awarded as a Fast Growth 50 company for the 3rd year in a row. The Fast Growth 50 program ranks businesses with significant growth in revenue, assets, capital expenditures and employees. The award is produced by Alberta Venture magazine and KPMG and is one of the most recognized business rankings in the province.

In 2014

Suneel Gupta has been named 2015 COO of the year from Alberta Oil Magazine. Suneel’s expertise and exceptional leadership has led to the revitalization of Banker’s heavy oil assets in Albania. His hard work, dedication and commitment to Bankers as a company, to our employees, and to the business has and will continue to bring many milestones and achievements.

In 2016

Geo-Jade has acquired all the issued and outstanding common shares of Bankers through its affiliates for a cash price of C$2.20 per Bankers Share.  Subsequently, the Bankers Shares were delisted from the Toronto Stock Exchange ("TSX"). Bankers will continue to operate as an independent business unit operating its world-class Albanian and Eastern European assets.