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

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

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.

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The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

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

In this report there are 7 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Transaction details
  • Upstream assets
    • Upstream assets: Table 1
  • Deal analysis
    • Deal analysis: Table 1
    • Deal analysis: Table 2
    • Deal analysis: Table 3
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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