Bankers Petroleum (TSE:BNK, LON:BNK) has told investors that it has seen a “significant step forward” in its stand-off with the Albanian authorities.
The company said that it has obtained a commitment from the Albanian National Agency for Natural Resources (AKBN) to engage with an international auditor in relation to a dispute over taxes.
The international audit process has the objective of resolving an outstanding audit regarding eligible operating and capital expenses for cost recovery, the company explained.
Bankers said it recently received a tax balance assessment of US$57mln in relation to the outstanding audit.
An international auditor will in the coming weeks selected, and a conclusion would then be anticipated “over the next several months”, Bankers added.
David French, Bankers president and chief executive, in a statement 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."