Everything he does is covert. His rundown refinery owes Bankers over $26 million for well over a year now and the company is trying to get some financing. His domestic refinery cannot even pay for the crude it purchases and VETRO has grandiose plans of turning Albania into a Balkan energy hub. Oh boy!.

Where is the additional investment capital going to come from? Where did this 420 million euros come from to fund 51% of the purchase?....but his refinery cannot pay its bills.

As far as the article in the BNE quoting an oil analyst Andrew Neff of IHS Globl Insight that the reason he thought Taci paid so much for Albpetrol was so it could serve as a platform to take over Bankers fields.

A friend sent the article to Bankers management and here is the e-mail response he received:

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"This is not a credible threat in any way."

"We have firm contracts in place enforced by international courts."

"As for the advisory committee, the contract is clear in this as well and we do not anticipate any issues."

"I'm not sure what this fellow is implying about the government's credibility, but I assure you our contracts are sound."

Regards,

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On another point or two.....

Based on the mean analyst view of bankers 2013 cash flow estimate of $1.05, bankers is currently trading at a CFPS of a measly 2.34. There are no other Oil based producers with the operating and balance sheet fundamentals that is close to this low. It is getting lower and lower and lower. Eventually the valuation gap has to close. However, what we need is to have two overhangs eliminated (call it three):

  1. Maintain year end reserve levels (preferably increase them). Some analysts wonder if with the slightly reduced well recovery rates there is some potential for this.
  2. Get the reserve based credit facility re-written and increased pushing out the $48 million principal payment due next Sept out further.
  3. And of course, more quarters with out decreasing production particularly due to intrusion issues.

STAY TUNED....