VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 14, 2013) - Vanoil Energy Ltd. (TSX VENTURE:VEL), an oil and gas company with a portfolio of assets in East Africa ("Vanoil" or the "Company") is pleased to announce that all motions put forward for approval at its Annual and General Special Meeting held on May 10, 2013, passed with significant shareholder support.
James Passin, Aaron D'Este, Don Padgett, Larry Van Hatten, Samuel Malin and Francis Karanja were elected to the Company's board of directors. The Company's shareholders also reappointed Ernst & Young LLP as auditors for the coming year and approved the re-adoption and amendment of the Company's stock option plan.
By way of an ordinary resolution by the minority shareholders of the Company, the acquisition of Fluormin Plc by Vanoil, as announced on March 26, 2013, was approved, with 99.83% of the votes cast in favour of the acquisition.
Mr. Aaron D'Este stated, "We are extremely pleased with the overwhelmingly positive response we received from shareholders approving the acquisition of Flourmin PLC. We are currently marching towards our two-well drilling program in Kenya, and we remain on track to commence our first well in July."
Full details on the acquisition of Fluormin Plc can be found in Vanoil's management information circular dated April 8, 2013, which is available on the Company's website at www.vanoil.ca or on SEDAR at www.sedar.com.
About Vanoil Energy Ltd.
Based in Vancouver, Canada, Vanoil is an oil and gas company with a portfolio of assets in East Africa and listed on the TSXV.
The Company holds Blocks 3A and 3B, onshore Kenya, which were acquired in October 2007 through the signing of a Production Sharing Contract with the Government of the Republic of Kenya. These blocks, which cover 24,912 km2 between Tullow's recent oil discoveries and Apache's offshore gas well have been assigned prospective resources in excess of 3 billion barrels. Offshore Kenya, the anticipated perfection of a 10% participating interest in offshore Block L9 alongside partner Ophir Energy plc ("Ophir"), is estimated by Ophir to represent 270 million barrels or 1.18 Tcf of prospective resources net to Vanoil.
In the Seychelles, Vanoil's 25% participating interest alongside partner Afren plc ("Afren") in oil and gas exploration Areas A and B, which cover some 14,319 km2, entitles the Company to mean net unrisked prospective resources of 700 million barrels of oil-equivalent as estimated by Afren.
Vanoil also has the exclusive right to negotiate a production sharing contract with the Republic of Rwanda covering 1,631 km2 of oil and gas concessions in the northwestern part of the country, incorporating the eastern waters of Lake Kivu and the surrounding shoreline.
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.
By definition of the COGE Handbook, "Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered." Further, the Handbook states - Caution (per NI 51-101/5.9(2)(v)(B)) - "There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resource."
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