Deal insight

Albania focused Bankers Petroleum acquired for US$381 million by China's Geo-Jade

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Report summary

On 20 March 2016 Bankers Petroleum Ltd (Bankers) announced an agreement for the cash purchase of all shares in the company by affiliates of Geo Jade Petroleum Corporation. Geo Jade's US$1.68 per share offer values Bankers' equity at US$443 million which equates to a net consideration of US$381 million after adjusting for debt and working capital. The purchase includes the Patos Marinza and Kuçova Arreza heavy oil fields onshore Albania with production of 18 137 barrels per day. We estimate that the fields hold around 180 million barrels of remaining oil reserves. A dispute is ongoing between Bankers Petroleum and the Government of Albania over the calculation of Bankers' tax obligation in 2011. This uncertainty of this dispute will clearly have had a bearing on the bid price and its acceptance. An offer which provides a near 100% premium to Banker's undisturbed share price may represent an attractive exit price despite the discount to our underlying valuation.

What's included

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  • Document

    Albania focused Bankers Petroleum acquired for US$381 million by China's Geo-Jade

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Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 7 images and tables including:

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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