Geo-Jade acquiring Bankers Petroleum

Bankers Petroleum Ltd., Calgary, will be acquired by affiliates of Geo-Jade Petroleum Corp., Beijing, in a share purchase valued at $575 million (Can.).

Bankers executives said the deal will enable it to accelerate work in Albania, where it operates Patos-Marinza heavy oil field and holds 100% interests in Kucova oil field and Exploration Block F (OGJ Online, Apr. 5, 2013). Last year it acquired an 85% exploratory interest in the Puspokladany Block in Hungary.

Geo-Jade, formed in 2010, operates six exploration blocks and three development blocks in Central Asia, North America, and China with production exceeding 10,000 b/d.

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