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January 10, 2012
Vanoil Announces Extension of Initial Period for Blocks 3A & 3B in Kenya
Vanoil Announces Extension of Initial Period for Blocks 3A & 3B in Kenya
January 10, 2012 - Vancouver, British Columbia - Vanoil
Energy Ltd. ("Vanoil" or the "Company")
(TSX-V: VEL) is pleased to announce that the Ministry of
Energy of Kenya has accepted Vanoil's request for an
extension of the initial exploration period for Vanoil's
100% owned Blocks 3A and 3B, which are comprised of 24,912
square kilometers of oil and gas concessions in the Republic
of Kenya's Central African Rift Basin System. The initial
exploration period has been extended for eleven months and
will now expire on September 30, 2012.
The granting of the extension is conditional upon the following additional Production Sharing Contract ("PSC") commitments:
Vanoil has confirmed the Company's acceptance of the Ministry of Energy of Kenya's terms for the extension of the initial exploration periods of Blocks 3A and 3B and will undertake to ensure that the additional commitments to the PSC are met. Vanoil expects the additional 3D seismic and increase in surface and training fees to increase the Company's commitment by approximately US$1.1 million for the initial exploration period.
About Vanoil Energy Ltd.
Based in Vancouver, Canada, Vanoil is an internationally diversified resource company that has a comprehensive 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, are part of the vastly under-explored Cretaceous Central African Rift Basin System, an area that may hold the next major sub-Saharan discoveries. 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.
To find out more about Vanoil please visit our website at or contact Don Padgett at 604-689-1515 or by email dp@primarycapital.net.
On behalf of the Board of
VANOIL ENERGY LTD.
"James Passin"
James Passin, President and CEO
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
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 accurate. 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 statements.
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, whether as a result of new information, future events or otherwise, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements.
The granting of the extension is conditional upon the following additional Production Sharing Contract ("PSC") commitments:
- Complete an additional 25km2 of 3D seismic in the block to increase the seismic programme to 75km2;
- Increase in surface and training fees;
- Provide a 50% bank guarantee and 50% parent company guarantee; and
- One well commitment.
Vanoil has confirmed the Company's acceptance of the Ministry of Energy of Kenya's terms for the extension of the initial exploration periods of Blocks 3A and 3B and will undertake to ensure that the additional commitments to the PSC are met. Vanoil expects the additional 3D seismic and increase in surface and training fees to increase the Company's commitment by approximately US$1.1 million for the initial exploration period.
About Vanoil Energy Ltd.
Based in Vancouver, Canada, Vanoil is an internationally diversified resource company that has a comprehensive 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, are part of the vastly under-explored Cretaceous Central African Rift Basin System, an area that may hold the next major sub-Saharan discoveries. 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.
To find out more about Vanoil please visit our website at or contact Don Padgett at 604-689-1515 or by email dp@primarycapital.net.
On behalf of the Board of
VANOIL ENERGY LTD.
"James Passin"
James Passin, President and CEO
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
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 accurate. 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 statements.
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, whether as a result of new information, future events or otherwise, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements.
| distribué par | Ce noodl a été diffusé par Vanoil Energy Ltd. et initialement mise en ligne sur le site http://www.vanoil.ca. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-10 21:36:52 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
