VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 15, 2013) - Vanoil Energy Ltd. (TSX VENTURE:VEL) ("Vanoil" or the "Company"), a Vancouver-based Canadian international oil and gas development company, announces that Aaron D'Este has elected to stand down as President, CEO and Director due to health restrictions. Aaron joined Vanoil in September 2012 and led the Company through a period of rapid growth. Under Aaron's leadership, Vanoil processed its 3D seismic survey, launched a farm out process and commenced drilling operations on Block 3 in Kenya. During this period, Vanoil also acquired Avana Petroleum Limited ("Avana") and Fluormin plc, which doubled the Company's asset portfolio and provided the capital to underpin Vanoil's current operations. Major progress was achieved under Aaron's leadership and the Vanoil team wishes Aaron a speedy recovery and a successful future.
The Company is pleased to announce that Sam Malin, currently a non-executive director, has agreed to become President and CEO. This provides a seamless transition for the Company as Sam has an excellent understanding of Vanoil's assets. Moreover, as founder and CEO of Avana, Sam was directly responsible for the Company's involvement in two key assets - the highly prospective Kenyan L9 offshore block with partners Ophir Energy plc and FAR Limited and Seychelles' Exploration Areas A and B with partner Afren plc.
Sam's previous experience includes the founding of Madagascar Oil Limited ("Madagascar Oil") and Red Island Minerals Ltd. ("Red Island") which featured the development of multi billion barrel heavy oil fields and a major coal field respectively. As founder and CEO, Sam created significant value in both companies. He built Madagascar Oil from inception to a value in excess of $1 billion by late 2006. As Red Island's Chairman, he concluded a comprehensive survey of the Sakoa coal field resulting in a sale to Thailand's PTT Asia Pacific Mining Pty for nearly $100 million dollars.
Sam holds a BSc (Hons) in Geological Engineering from Queens University in Canada and completed graduate studies in England at the University of Cambridge. His prior experience includes advisory positions for the European Commission as well as positions with Standard & Poor's, Arthur D. Little and Dome Petroleum Limited. He is fluent in French and conversant in several other languages.
James Passin, Vanoil's chairman stated, "The Company is extremely fortunate that Sam has agreed to become its new CEO. Sam was the CEO of Avana prior to its acquisition by Vanoil earlier this year, with a proven ability in building a successful East African focused oil exploration company. I look forward to working with Sam in the ongoing development of Vanoil's highly prospective exploration portfolio. The Company's ongoing drilling and exploration programs will position Vanoil as an attractive platform for value growth and strategic investment.
We thank Aaron for his efforts on behalf of the Company and wish him a rapid return to good health."
About Vanoil Energy Ltd.
Vanoil is an oil and gas company with a portfolio of assets in East Africa and in the Republic of Seychelles, an African state in the Indian Ocean.
In Kenya, Vanoil holds a 100% interest in onshore Blocks 3A and 3B, acquired in October 2007 through the signing of a Production Sharing Contract (PSC) with the Government of the Republic of Kenya. These blocks cover 24,912 km2 between Tullow Oil's recent oil discoveries and Apache Corp.'s offshore gas well.
In offshore Kenya, the Company anticipates the receipt of its 10% working interest in the highly prospective 5,110 km2 Block L9 alongside Dominion Petroleum Kenya Limited (a wholly owned subsidiary of Ophir Energy plc) and FAR Limited. This block lies directly south of Block L8 which hosts the Mbawa gas discovery made in 2012.
In the Seychelles, Vanoil has a 25% participating interest alongside partner Afren plc in offshore Exploration Areas A and B, covering some 14,319 km2.
On behalf of the Board of VANOIL ENERGY LTD.
James Passin, Chairman
To find out more about Vanoil, please visit our website at www.vanoil.ca or email: email@example.com.
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 that cannot 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, 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.