Vanoil Energy Ltd.
TSX VENTURE : VEL

Vanoil Energy Ltd.

August 07, 2013 09:30 ET

Vanoil Provides Madogashe I Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 7, 2013) - Vanoil Energy Ltd. (TSX VENTURE:VEL), ("Vanoil" or "the Company") is pleased to provide an update on the Company's operations at the Madogashe-I drill site Block 3A in Kenya. As per the condition in the extension granted by the Ministry of Energy on January 22, 2013, the Company commenced drilling operations prior to July 31, 2013; thus satisfying the Company's commitment in the amended Blocks 3A and 3B Production Sharing Contract.

Drill site operations have been affected recently by several incidents of local protest; so at the request of the County Governor the Company has agreed to slow down drill site operations while working with key stakeholders to address any concerns they may have.

Aaron D'Este, Vanoil's President and CEO, stated "Vanoil's drilling program in Garissa is a major project for the county and it must be executed carefully and safely. Vanoil has engaged with all the key stakeholders to ensure its ongoing drill program is executed efficiently while having a positive impact on the local community. The Company acknowledges the cooperation and support received from the Ministry of Energy, the County Governor and the local members of parliament (MPs) with regard to the local consultation process".

About Vanoil Energy Ltd.

Vanoil is an oil and gas company with a portfolio of assets in East Africa and the African state of the Seychelles Islands 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 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.

Aaron D'Este, President

To find out more about Vanoil, please visit our website at www.vanoil.ca.

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.

Contact Information

  • Vanoil Energy Ltd.
    Don Padgett
    +1 604 689-1515 x104

    Vanoil Energy Ltd.
    Malcolm Burke
    +1 604 689-1515 x108

    Vanoil Energy Ltd.
    Scott Rose
    +1 604 684-1974 x227

    Media and investor enquiries:
    FTI Consulting
    Natalia Erikssen or Sara Powell
    +44 20 7269 9348