Vanoil Energy Ltd.: Samuel Malin Appointed as Director
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/04/13 -- Vanoil
Energy Ltd. ("Vanoil" or the "Company") (TSX VENTURE:VEL), a
TSX-V-listed oil and gas company with a diversified portfolio of
assets in East Africa, is pleased to announce it has appointed Samuel
Malin as director of the Company, with immediate effect.
"Sam has built several substantial oil companies from scratch and
Avana is simply the latest installment in his list of successes.
Sam's knowledge of the East African oil sector is extensive and his
ability to recognize and secure valuable blocks is impressive. We are
determined to advance the development of our assets without delay and
we are confident that Sam's contribution to the Vanoil team will
prove invaluable," stated Mr. Aaron D'Este, President and CEO of
Mr. Malin, the founder of Avana Petroleum Limited, brings to Vanoil
over 25 years of industry experience, the majority of which is in the
region of the western Indian Ocean and East African margin.
Previously, he founded Madagascar Oil and Red Island Minerals (RIM)
and is the originator of their projects which are the development of
multi-billion barrel heavy oil fields and a major coal field
respectively. Mr. Malin, as founder and CEO, built Madagascar Oil
from scratch into a $1 1/4 billion dollar company. As RIM's Chairman,
Mr. Malin launched a comprehensive appraisal of the Sakoa coal field
which resulted in the sale of RIM to PTT-APM for a total of $95
Mr. Malin's previous experience includes industry advisory positions
for various EU programmes as well as positions with Standard &
Poor's/DRI, Arthur D. Little and Dome Petroleum. Mr. Malin holds a
BSc (Hons) in Geological Engineering from Queen's University in
Canada and undertook graduate studies at the University of Cambridge
in England. He is fluent in French and conversant in several other
Vanoil also announces that it has entered into an agreement pursuant
to which the Company will issue 223,516 common shares at a deemed
price of $0.60 per share to settle an outstanding debt relating to
compensation payable in connection with the Company's financing that
closed in December 2012. The issuance of the shares is subject to
approval of the TSX Venture Exchange.
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, Kenya, the Seychelles and Rwanda.
In onshore 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. These blocks, which cover 24,912
km2, potentially contain prospective resources in excess of 0.9 boe,
positioned between Tullow's recent oil discovery and Apache's
offshore gas well. In offshore Kenya, the anticipated receipt of a
10% participating interest in 5,110 km2 offshore Block L9, alongside
partner Dominion Petroleum Kenya Limited (a wholly owned subsidiary
of Ophir Energy plc ("Ophir")), is estimated by Ophir to represent a
net 270 million boe to Vanoil.
In the Seychelles, Vanoil's 25% participating interest alongside
partner East African Exploration Seychelles Limited (a wholly owned
subsidiary of Afren plc ("Afren")) in oil and gas exploration Areas A
and B, which total some 14,000 km2, has a recoverable mean unrisked
prospective resource net to Vanoil estimated by Afren of 0.7 boe.
Vanoil's 1,631 km2 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
On behalf of the Board of VANOIL ENERGY LTD.
Aaron D'Este, President and CEO
By definition of the COGE Handbook - "Undiscovered resources are
those quantities of oil and gas estimated on a given date to be
contained in accumulations yet to be discovered." Further the
Handbook states - Caution (per NI 51-101/5.9(2)(v)(B)) - "There is no
certainty that any portion of the resources will be discovered. If
discovered, there is no certainty that it will be commercially viable
to produce any portion of the resource."
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Vanoil Energy Ltd.
Vanoil Energy Ltd.
Vanoil Energy Ltd.
604 684-1974 x 227
604 685-5970 (FAX)
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