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. ↑ "Fluormin to bow out on Monday as Vanoil bid is approved". Proactiveinvestors.co.uk. Retrieved 12 August 2018.
  2. ↑
  3. ↑
  4. ↑ "Coastweek". Coastweek.com. Retrieved 12 August 2018.
  5. ↑ "Get a Quote - Stock Quotes". Web.tmxmoney.com. Retrieved 12 August 2018.
  6. ↑
  7. ↑
  8. ↑ "Shareholder Overview for VEL Velocity Composites PLC including Fund Owner Activity, Style, Equity & Debt Ownership, and Enterprise Value". Investors.morningstar.com. Retrieved 12 August 2018.
  9. ↑
  10. ↑
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