Vanoil Announces Settlement Accord With the Government of Rwanda
January 22 2014 - 5:45AM
Marketwired
Vanoil Announces Settlement Accord With the Government of Rwanda
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 22, 2014) -
Vanoil Energy Ltd. (TSX-VENTURE:VEL), ("Vanoil" or the "Company"),
a Vancouver-based Canadian international oil and gas development
company announces that the Government of Rwanda and Vanoil have
agreed to end their discussions regarding the exploration of Lake
Kivu in Rwanda following expiry of the Technical Evaluation
Agreement ("TEA") between them in June 2013. As part of this
agreement, the Government of Rwanda and Vanoil have amicably
resolved the issues referred to in the Conciliation Committee under
the TEA.
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, in the western
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 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
To find out more about Vanoil, please visit our website at
www.vanoil.ca, email: info@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.
Vanoil Energy Ltd.Don Padgett+1 760 485 7678Vanoil Energy
Ltd.Malcolm Burke+1 604 220 2000Vanoil Energy Ltd.Scott Rose+1 604
684-1974 x 227www.vanoil.ca
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