BANKERS PETROLEUM
(T-BNK)
$4.68 +0.17
I guess everyone out there knows that for much of the
last part of the year, Bankers Petroleum was one of our fa-
vourite stories (although now Wavefront Energy is very close
on their heels). We thought we were safe sending out a
note on Bankers in the form we did last week—what with
Abby Badwi off speaking in Connecticut and Doug Urch at
an energy conference in Toronto. No one would note any-
thing we would write here, right? Wrong. It’s not as if
Abby took us out behind the shed for a spanking or any-
thing, but there were a few corrections that he figured peo-
ple should be aware of. His points are:
1)
Bankers had a CAPEX of $78 million in 2008 and are
planning a $50 million program this year, despite only
spending $7 million in first half of this year. 2010 he
suggests, will probably exceed $100 million. This point
is made because we has suggested that some people
even within Bankers might love being taken over by a
huge international that would allow them to throw huge
dollars at their projects in Albania, just to see what it
can do. Bankers is already and definitely doing that,
particularly next year.
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