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Bankers Petroleum's diversification hailed by Dundee Capital

Bankers Petroleum now has its eggs in two baskets after expanding into Hungary

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The BNB field has not been worked since 1967

Against the backdrop of the recent tax dispute in Albania, Bankers Petroleum’s (TSE:BNK, LON:BNK) entry into Hungary looks like a shrewd move in Dundee Capital's view.

Bankers has snaffled up an 85% working interest in Block 'P' within the proven Pannonian basin, providing an initial step toward asset diversification beyond Bankers' core asset, which is the Patos-Marinza oilfield in Albania.

Block 'P', which covers 878 square kilometres, contains the abandoned Biharnagybajom (BNB) oilfield and prospects identified on historical 2D and 3D seismic data.

“The BNB oilfield was discovered and originally placed on production in 1947 and, according to our initial research, produced some 300,000 bbls [barrels] of oil and 2 bcf [billion cubic feet] of gas until primary depletion and abandonment in 1967. No further work has taken place on the field aside from some 500 km2 of 3D seismic acquired in 2005. No further data regarding reserves or production history for this oilfield has been provided by the company,” the broker noted.

With no current production or reserves, the transaction has no impact on Dundee's current asset valuation, so its target price remains at C$4.80 a share, versus a current share price of C$1.80.

Quick facts: Bankers Petroleum Ltd

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TSX:BNK
Market: TSX
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