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.