VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 15, 2013) - Vanoil Energy Ltd., ("Vanoil") (TSX VENTURE:VEL), a TSX-V-listed oil and gas company with a portfolio of assets in East Africa, is pleased to announce that, further to its announcement of earlier today in connection with the offer (the "Offer") made by its wholly-owned subsidiary, Vanoil Energy Holdings Ltd. (the "Offeror"), to acquire the entire issued share capital of Avana Petroleum Limited ("Avana"), the Offeror has confirmed to Vanoil that it has now received irrevocable acceptances of the Offer in respect of at least 90% of the issued share capital of Avana. As such, the acceptance condition to the Offer has now been satisfied and the Offer has become wholly unconditional.
The Offer will remain open for acceptance by the remaining shareholders of Avana. Notwithstanding that the Offer will remain open for acceptance, the Offeror intends to apply the provisions of Part X Chapter 3 of the Isle of Man Companies Act 2006, by issuing a Section 160(2) Notice to acquire compulsorily the remaining shares in Avana on the same terms as the Offer.
In addition, Vanoil has also advanced US$3.8 million to Avana, which will be used by Avana for the purposes of perfecting title in the 10% participating interest in Kenya offshore Block L9.
If you are a shareholder of Avana, once you have received and read the offer document and the accompanying form of acceptance, should you have any queries, please contact Cavendish Trust Company Limited on +44 (0) 1624 679000.
Any further announcements made in relation to the Offer, will be made by Vanoil on behalf of the Offeror and copies of such announcements will be available on the website of Vanoil at: www.vanoil.ca.
On behalf of the Board of
VANOIL ENERGY LTD.
Aaron D'Este, Chief Executive Officer
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.