RE:RE:RE:Geo Jade must be doing the happy dance I don't understand this debate. The tax ruling was very predictable under the circumstances. The Albanians were claiming that they were going to disallow $250 million in capex and therefore would be forced to pay additional taxes. Given the history of audits in prior years there have always been minor adjustments to what qualifies as a recoverable expense. There wasn't any way to disallow $250 million . Not one chance. So I wouldn't put much weight on the favourable ruling. Anyone following the story closely would know that the Albanian balance sheet was in a mess and with heavy reliance on oil revenue it fell short just at a time when oil prices cratered. They used BNK as an easy mark to finance the short fall. The IMF came in with funding at about the same time and the Albanians also floated a 450 million euro bond offering , again at about the same time as well.
Yes, I guess it's nice to have the issue out to bed but the outcome was very predictable. All this doesn't matter either way with oil prices the way they are. BNK is on life support and the numbers will continue to deteriorate with the inability to economically drill to increase production levels .