Vanoil Energy

Vanoil Energy is a Canadian energy company founded in 2009 and headquartered in Vancouver, British Columbia. It is listed on the TSX Venture Exchange (TSX-V: VEL). Its focus is exploration for oil and gas in East Africa both offshore and onshore.

On 15 March 2013, Vanoil purchased Avana Petroleum, a company founded by Sam Malin in 2007 with assets and activities in Kenya, the Seychelles and wider East Africa/Western Indian Ocean region. On 17 May 2013, completed its acquisition of Fluormin PLC, a company that was listed on the Alternative Investment Market of the London Stock Exchange (LON:FLOR).[1]

Assets

Vanoil's primary assets are interests in Kenya, both offshore and onshore, and the Seychelles. Vanoil’s net recoverable mean unrisked prospective resources stand at approximately 2 billion barrels of oil equivalent ("boe").

In Kenya, through its subsidiary Avana Petroleum, Vanoil has a 10% participating interest in a 5,110 km2 (1.3 million acre) exploration area, Block L9, awarded to Avana and its partners Dominion Petroleum (now Ophir, operator of the area) and Flow Energy (now FAR - ASX:FAR) in 2011. Block L9 represents a net recoverable mean unrisked prospective resource of 270 million boe net to Vanoil.[2] Vanoil's onshore interests are in blocks 3A and 3B in Eastern Kenya with a total area of 24,912 km2 (6.2 million acres) and covering significant sedimentary basins.

In its onshore blocks Vanoil has an estimated recoverable mean unrisked prospective resources of more than 3 billion boe net.

In the Seychelles, through its subsidiary Avana Petroleum, holds a 25% participating interest in a 14,000 km2 (3.5 million acre) exploration area granted to Avana and its partner East Africa Exploration (now a subsidiary of Afren - which operates the blocks) in 2008. Vanoil's net interest in the Seychelles represents a 0.7 billion boe recoverable mean unrisked prospective resource.[3]

As at February, 2014, Vanoil was negotiating to extend its PSCs for onshore Blocks 3A and 3B, originally acquired in October 2007. [4][5][6] However, on 1 October 2014, Vanoil announced that it had commenced international arbitration against the Government of Kenya. [7]

Ownership and management

Vanoil is a public company listed on the TSX Venture Exchange. Its largest shareholder is Firebird Global Fund,[8] a hedge fund managed by James Passin,[9] who is also the Chairman of Vanoil. The Chief Executive Officer of Vanoil is Don Padgett.[10]

In addition to its office in Vancouver, Vanoil has representation through its subsidiaries in Nairobi, Kenya, Antananarivo, Madagascar and Douglas, Isle of Man.

References

  1. ↑ http://www.proactiveinvestors.co.uk/companies/news/57049/fluormin-to-bow-out-on-monday-as-vanoil-bid-is-approved-57049.html Fluormin to bow out on Monday as Vanoil bid is approved
  2. ↑ http://www.ophir-energy.com/media/52548/cmdcombined_finalv2__nxpowerlite__2.pdf Ophir 2012 Capital Markets Day Presentation
  3. ↑ http://www.afren.com/download.axd?Id=1623 Afren 2012 Half Yearly Results
  4. ↑ http://www.coastweek.com/3706-latest-news-Canadian-oil-company-in-talks-with-Kenya.htm Canadian oil company in talks with Kenya on licence renewal
  5. ↑ http://web.tmxmoney.com/article.php?newsid=65493188&qm_symbol=VEL Vanoil Provides Update on License Renewals in Kenya
  6. ↑ http://www.parliament.go.ke/plone/national-assembly/business/hansard/thursday-13th-february-2014/view Question Concerning Vanoil
  7. ↑ http://www.vanoil.ca/s/NewsReleases.asp?ReportID=676871&_Type=News-Releases&_Title=Vanoil-Commences-International-Arbitration-Against-The-Government-Of-Kenya Vanoil Commences International Arbitration Against The Government Of Kenya
  8. ↑ http://investors.morningstar.com/ownership/shareholders-overview.html?t=VEL&region=CAN&culture=en-US Vanoil Shareholder Overview
  9. ↑ http://investing.businessweek.com/research/stocks/people/person.asp?personId=59599075&ticker=VEL:CN&previousCapId=3175090&previousTitle=VANGOLD%20RESOURCES%20LTD Profile - James Passin
  10. ↑ http://www.vanoil.ca/s/NewsReleases.asp?ReportID=681440&_Type=News-Releases&_Title=Vanoil-Announces-Corporate-Restructuring Vanoil Announces Corporate Restructuring

External links

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