ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

VEL

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
TSXV:VEL TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Vanoil Energy Ltd.: Samuel Malin Appointed as Director

04/04/2013 4:55pm

Marketwired Canada


Vanoil Energy Ltd. ("Vanoil" or the "Company") (TSX VENTURE:VEL), a TSX-V-listed
oil and gas company with a diversified portfolio of assets in East Africa, is
pleased to announce it has appointed Samuel Malin as director of the Company,
with immediate effect. 


"Sam has built several substantial oil companies from scratch and Avana is
simply the latest installment in his list of successes. Sam's knowledge of the
East African oil sector is extensive and his ability to recognize and secure
valuable blocks is impressive. We are determined to advance the development of
our assets without delay and we are confident that Sam's contribution to the
Vanoil team will prove invaluable," stated Mr. Aaron D'Este, President and CEO
of Vanoil.


Mr. Malin, the founder of Avana Petroleum Limited, brings to Vanoil over 25
years of industry experience, the majority of which is in the region of the
western Indian Ocean and East African margin. Previously, he founded Madagascar
Oil and Red Island Minerals (RIM) and is the originator of their projects which
are the development of multi-billion barrel heavy oil fields and a major coal
field respectively. Mr. Malin, as founder and CEO, built Madagascar Oil from
scratch into a $1 1/4 billion dollar company. As RIM's Chairman, Mr. Malin
launched a comprehensive appraisal of the Sakoa coal field which resulted in the
sale of RIM to PTT-APM for a total of $95 million dollars. 


Mr. Malin's previous experience includes industry advisory positions for various
EU programmes as well as positions with Standard & Poor's/DRI, Arthur D. Little
and Dome Petroleum. Mr. Malin holds a BSc (Hons) in Geological Engineering from
Queen's University in Canada and undertook graduate studies at the University of
Cambridge in England. He is fluent in French and conversant in several other
languages.


Vanoil also announces that it has entered into an agreement pursuant to which
the Company will issue 223,516 common shares at a deemed price of $0.60 per
share to settle an outstanding debt relating to compensation payable in
connection with the Company's financing that closed in December 2012. The
issuance of the shares is subject to approval of the TSX Venture Exchange.


About Vanoil Energy Ltd.

Based in Vancouver, Canada, Vanoil is an internationally diversified energy
company with a portfolio of oil and gas assets in the African countries, Kenya,
the Seychelles and Rwanda. 


In onshore Kenya, Blocks 3A and 3B 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, potentially contain prospective
resources in excess of 0.9 boe, positioned between Tullow's recent oil discovery
and Apache's offshore gas well. In offshore Kenya, the anticipated receipt of a
10% participating interest in 5,110 km2 offshore Block L9, alongside partner
Dominion Petroleum Kenya Limited (a wholly owned subsidiary of Ophir Energy plc
("Ophir")), is estimated by Ophir to represent a net 270 million boe to Vanoil.


In the Seychelles, Vanoil's 25% participating interest alongside partner East
African Exploration Seychelles Limited (a wholly owned subsidiary of Afren plc
("Afren")) in oil and gas exploration Areas A and B, which total some 14,000
km2, has a recoverable mean unrisked prospective resource net to Vanoil
estimated by Afren of 0.7 boe.


Vanoil's 1,631 km2 of oil and gas exclusive licence in the East Kivu Graben in
Rwanda is at the southern extension of the Albertine Graben where Heritage and
Tullow Oil made their historic discovery in neighbouring Uganda. 


On behalf of the Board of VANOIL ENERGY LTD.

Aaron D'Este, President and CEO

Cautionary Statement 

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."


FOR FURTHER INFORMATION PLEASE CONTACT: 
Vanoil Energy Ltd.
Don Padgett
760 485-7678


Vanoil Energy Ltd.
Malcolm Burke
604 220-2000


Vanoil Energy Ltd.
Scott Rose
604 684-1974 x 227
604 685-5970 (FAX)
info@vanoil.ca
www.vanoil.ca

1 Year Vanoil Energy Ltd. Chart

1 Year Vanoil Energy Ltd. Chart

1 Month Vanoil Energy Ltd. Chart

1 Month Vanoil Energy Ltd. Chart

Your Recent History

Delayed Upgrade Clock