Vanoil Receives Work Program Extension
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/25/13 -- Vanoil
Energy Ltd. ("Vanoil" or the "Company") (TSX VENTURE:VEL) is pleased
to announce that the Kenyan Ministry of Energy has extended the
deadlines within which Vanoil must satisfy the work program
obligations defined in its Production Sharing Contract ("PSC").
Previously, Vanoil was obligated to finish drilling its first well by
April 30, 2013. Now, under the terms of the latest extension, Vanoil
must only commence drilling its first well before July 31, 2013 and,
with sufficient technical justification, Vanoil may place its first
two wells anywhere within the boundaries of Block 3A and 3B to
satisfy the work program obligations within the Initial Exploration
Period of its PSC.
Aaron D'Este, the Company's President and CEO stated; "We were very
pleased to secure this key extension. Vanoil is the first company to
complete 3D seismic onshore in Kenya and our exploration program is
among the most robust ever completed in country. The time extension
granted to Vanoil allows us to fully realise value from our 3D data
and to drill our first two wells in rapid succession. The ability to
place both wells anywhere within the boundaries of 3A and 3B also
gives Vanoil the flexibility to target its most exciting prospects.
We view 2013 as a transformational year for the Company and we now
have the time and operational flexibility to extract maximum value
from our assets."
About Vanoil Energy Ltd.
Based in Vancouver, Canada, Vanoil is an internationally diversified
energy company with a portfolio of oil and gas assets in the African
countries of Kenya and Rwanda. In Kenya, Blocks 3A and 3B were
acquired in October 2007 through the signing of a Production Sharing
Contract with the Government of the Republic of Kenya. Blocks 3A and
3B, which cover 24,912 square kilometers, potentially contain
prospective resources in excess of 900 million boe, positioned
between Tullow's recent oil discovery and Apache's offshore gas well.
Vanoil's 1,631 square kilometers of oil and gas exclusive licence in
the East Kivu Graben in Rwanda is at the southern extension of the
Albertine Graben where Heritage and Tullow Oil made their historic
discovery in neighbouring Uganda.
On behalf of the Board of VANOIL ENERGY LTD.
Aaron D'Este, President and CEO
Disclaimer for Forward Looking Information
This news release includes forward looking statements that are
subject to assumptions, risks and uncertainties. Statements in this
news release which are not purely historical are forward looking
statements, including without limitation any statements concerning
the Company's intentions, plans, estimates, beliefs or expectations
regarding the future. Although the Company believes that any such
intentions, plans, estimates, beliefs and expectations in this news
release are reasonable, there can be no assurance that any such
intentions, plans, beliefs and expectations will prove to be
The Company cautions readers that all forward looking statements,
including without limitation those relating to the Company's future
operations and business prospects, are based on assumptions none of
which can be assured, and are subject to certain risks and
uncertainties that could cause actual events or results to differ
materially from those indicated in the forward looking statements.
Readers are advised to rely on their own evaluation of such risks and
uncertainties and should not place undue reliance on forward looking
Any forward looking statements are made as of the date of this news
release, and the Company assumes no obligation to update the forward
looking statements, or to update the reasons why actual events or
results could or do differ from those projected in the forward
looking statements. The Company assumes no obligations to update any
forward looking statements, whether as a result of new information,
future events or otherwise.
Vanoil Energy Ltd.
Vanoil Energy Ltd.
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