China’s Geo-Jade Petroleum Buys Canada's Bankers Petroleum

China’s Geo-Jade Petroleum has received approval to takeover 100 percent equities in Canada’s Bankers Petroleum.

The Chinese firm has received ministerial approval under the Investment Canada Act.  As per the agreement, Geo-Jade will acquire all the issued and outstanding common shares of Bankers through its affiliates at a cash price of C$2.20 per share.  

Bankers said in a statement it anticipates receipt of this approval in the coming weeks and closing of the arrangement to occur shortly thereafter in July.  Following a successful completion of the arrangement the Bankers shares will be delisted from the Toronto Stock Exchange and the AIM market of the London Stock Exchange.

Bankers is focused on developing large oil and gas reserves in Albania and Eastern Europe.  In Albania, Bankers operates and has the full rights to develop the Patos-Marinza heavy oilfield, has a 100 percent interest in the Kuçova oilfield, and a 100 percent interest in Exploration Block "F".  In 2015 Bankers acquired an 85 percent interest in the rights to explore the Püspökladány Block concession within the Pannonian Basin located in north eastern Hungary. 

Founded in 2010, Geo-jade is focusing on oil and gas exploration and development business in China, Central Asia and North America as the core business areas.