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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tearlach Resources Limited | TSXV:TEA | 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% | 0.025 | 0.02 | 0.025 | 0.025 | 0.025 | 0.025 | 10,000 | 14:30:00 |
Vanoil Energy Ltd. ("Vanoil" or the "Company") (TSX VENTURE:VEL) is pleased to announce it has executed an extension to the Technical Evaluation Agreement ("TEA") with the Rwandan Ministry of Natural Resources for Vanoil's exclusive 1,631 square kilometre oil and gas license in the Kivu Graben Basin. The highly prospective Kivu Graben is on the same rift trend with the Albertine Graben where at Lake Albert, Tullow Oil and Heritage Oil have stated that they have found 1.5 billion recoverable barrels of oil; a significant discovery that many believe may represent only a small portion of the enormous potential of the area. It is the intention of the Company and the Minister of Natural Resources of Rwanda to conclude a Production Sharing Agreement ("PSA") before the end of 2011. Vanoil also confirms that the Syracuse University has received permission from the Rwandan Ministry of Natural Resources to commence a 2D Seismic study of Lake Kivu on behalf of Vanoil. This program will assist in identifying the areas of greatest hydrocarbon prospectivity in the Lake Kivu Graben. Additionally, the 2D Seismic study is to demonstrate the similarities between Lake Albert and Lake Kivu and to establish drill targets in and around Lake Kivu on Vanoil's concession. Mr. Dal Brynelsen, President, commented: "Since the first Technical Evaluation Agreement signed in October of 2007, Vanoil has worked closely with the Rwandan Government to develop and enter into a PSA. We are pleased to see that our efforts will be rewarded shortly. In addition, we are very pleased to secure the technical expertise of the Syracuse University who have provided seismic data for oil and gas discoveries on Lake Albert and recent exploration activities on Lake Turkana as well for Vanoil on Lake Kivu in 2010". About Vanoil Energy Ltd. Based in Vancouver, Canada, Vanoil is an internationally diversified oil and gas exploration company that has a portfolio of oil and gas assets in the African countries of Kenya and Rwanda, and in the Province of Alberta, Canada. In 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. Blocks 3A and 3B, which cover 24,912 square kilometres, are part of the under-explored Cretaceous Central African Rift Basin System. Vanoil has a 1,631 square kilometer oil and gas exclusive licence in the East Kivu Graben in Rwanda. Disclaimer for Forward-Looking Information Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
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