VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 3, 2014) - Vanoil Energy Ltd. (TSX VENTURE:VEL) ("Vanoil" or the "Company"), a Vancouver-based Canadian international oil and gas development company, wishes to confirm ongoing discussions with the Kenyan Government with regard to its license renewals in Kenya.
These talks are now at a key stage and the Company expects them to conclude imminently. At such time, Vanoil will provide an immediate information update to the market.
Vanoil is an oil and gas company with a portfolio of assets in East Africa and in the Republic of Seychelles, in the western Indian Ocean.
In Kenya, Vanoil is negotiating to renew its interest in onshore Blocks 3A and 3B, originally 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 in Kenya's Anza Basin and are geologically analogous to the prolific Muglad and Melmut Basins of South Sudan and geographically in close proximity to the recent PaiPai discovery in Kenya.
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
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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.
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