VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2012) - Vanoil Energy Ltd. ("Vanoil" or the "Company") (TSX VENTURE:VEL) is pleased to announce the appointment of Mr. Aaron D'Este as President and Chief Executive Officer of the Company and a member of the Board of Directors, effective immediately.
Mr. D'Este is a highly respected industry professional with an enviable track record across many segments of the oil and gas sector. This includes senior executive and CEO positions in oilfield services, energy investment, mergers and acquisitions and strategic consulting to the oil industry at the highest levels. Mr. D'Este was one of the original foundation investors in Cove Energy Plc with onshore and offshore African holdings recently acquired by PTT Exploration and Production for almost $2.0 billion.
Mr. D'Este recently acted for a Middle Eastern private bank and he successfully negotiated the acquisition in July 2012 of two significant Kenyan blocks, one onshore and one offshore.
In 2011, Mr. D'Este co-founded Azimuth Ltd., a privately owned oil company, led efforts to secure $70 million in funding and acquired 18 oil related assets located in Africa and Italy. In less than two years, Mr. D'Este and his team built this company from a blank sheet into a business that today spans two continents and holds assets worth several times the capital invested. He spent a number of years in the oil services industry with Schlumberger culminating as President of "Slickline" a $500 million global unit.
Mr. D'Este was founder of the external investment arm of Petroleum Geo-Services, the world's largest geophysical company where he achieved an internal rate of return (IRR) in excess of 140% over a two year period. He co-founded and managed a EUR90 million private equity fund within Simmons and Company. He was also a Principal of and managed Booz Allen Hamilton's private equity business within the energy sector, buying, selling and managing a number of projects for clients that included the Middle East's largest sovereign fund. Mr. D'Este has worked in many of the world's significant oil producing regions including Africa, Australia, Thailand, Indonesia, Abu Dhabi, Qatar, Syria, Iraq and Iran. He is resident in the UK and has both Australian and UK passports.
Mr. James Passin has resigned as the Company's Interim President and CEO, effective immediately. He will assume the role of non executive Chairman of the Company. Mr. Passin stated, "We welcome Aaron as our new CEO. Vanoil is very fortunate to have found an individual with Aaron's unique qualifications. His rare combination of youth, experience and entrepreneurial successes demonstrate the essential elements required to build Vanoil into a dynamic E&P Company".
Vanoil has granted an aggregate of 2,000,000 options exercisable at a price of CDN$0.72 per share until September 1 2022 to Mr. D'Este, subject to TSX Venture Exchange approval.
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. The Company is preparing to drill in Q1 2013 its first exploration well on its Kenyan concession. Vanoil is also the holder of 1,631 square kilometers of an oil and gas exclusive licence in the East Kivu Graben in Rwanda at the southern extension of the Albertine Graben where Heritage and Tullow Oil made their historic discovery in neighbouring Uganda. The Company is currently in final negotiations with the Government of Rwanda for what will become, upon signing, that country's first Production Sharing Contract.
On behalf of the Board of
VANOIL ENERGY LTD.
James Passin, Director
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