BANKERS PETROLEUM TEMPORARILY CURTAILS PRODUCTION DUE TO A BUSINESS INTERRUPTION AT THE PORT
CALGARY, June 1, 2016 – Bankers Petroleum Ltd. (“Bankers” or the “Company”) announces a temporary production impact from a business interruption at the Petrolifera Italo Albanese (“PIA”) Terminal port facility near Vlore, Albania, due to a crude oil leak that occurred when the terminal operator was loading a third-party vessel on Sunday, May 22.
The crude oil leak has been cleaned-up; however, operations at PIA Terminal have been suspended while local authorities conduct an investigation into the incident.
The suspension of the export terminal has led to a shortage of available crude storage at the port facility as well as within the Patos-Marinza oilfield. To accommodate this, Bankers will begin to curtail its production on Wednesday, June 1, which may lead to a full field shut-down in the next couple of days without the ability to export crude oil at the port. The suspension is expected to be lifted in the coming days, allowing Bankers to resume its operations as usual.