25th Nov 2015 14:10
LONDON (Alliance News) - Bankers Petroleum Ltd said Wednesday that it has been awarded the Püspökladány Block within the Pannonian Basin in north eastern Hungary.
Bankers said it will operate the license and fund its share of the work commitment, totalling EUR12.3 million of new investment into Hungary over a three and a half year contractual term.
"We are excited by the opportunity presented by this addition to our portfolio and exposure to the oil and gas rich Pannonian Basin. Hungary has a prosperous history of oil and gas production within this target rich area. Over the past two years we've been screening first for the best acreage, and then the best partners, to extend Bankers technical expertise into commercial plays in the region," said Chief Executive Officer David French in a statement.
Shares in Bankers Petroleum were untraded Wednesday afternoon. It last closed at 92.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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