Bankers Petroleum has signed a conditional domestic offtake crude oil sales agreement with Ionian Refining and Trading Co. The agreement will become effective upon receipt by Bankers of the Albanian government's approval of the company's proposed drilling programme for the fourth quarter of 2016 and in respect of amendments to lifting procedures between the company and Albpetrol Sh.A for handling of Albpetrol's share of volumes from the Patos-Marinza oilfield. Once effective, Bankers may sell up to 65% of its crude oil production under the agreement pursuant to which the company will receive payment security in advance of crude deliveries. In accordance with the agreement, deliveries will be made from 1 October 2016 through to 31 December 2017.
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