LONDON (Alliance News) - Bankers Petroleum Ltd on Monday said it has secured a commitment from the Albanian National Agency for Natural Resources to hire a third-party auditor to resolve an outstanding audit on eligible operating and capital expenses for cost recovery.
Over the coming weeks, Bankers and the Albanian authority will select an international auditor and are expecting to reach a conclusion on the issue over the next few months. This is also expected to resolve a recently-received tax balance assessment of USD57 million, Bankers said.
"This represents a significant step towards enhancing transparency in the administration and regulation of oil and gas activities in Albania. Bankers views this commitment by the authorities as an important milestone in the ongoing improvement of our operations," David French, Bankers' president and chief executive.
Shares in Bankers were untraded on Monday, having last traded at 95.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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