VEL

Vanoil Energy Ltd. ("Vanoil" or the "Company") (TSX VENTURE:VEL) is pleased to
announce that the Kenyan Ministry of Energy has extended the deadlines within
which Vanoil must satisfy the work program obligations defined in its Production
Sharing Contract ("PSC"). 


Previously, Vanoil was obligated to finish drilling its first well by April 30,
2013. Now, under the terms of the latest extension, Vanoil must only commence
drilling its first well before July 31, 2013 and, with sufficient technical
justification, Vanoil may place its first two wells anywhere within the
boundaries of Block 3A and 3B to satisfy the work program obligations within the
Initial Exploration Period of its PSC.


Aaron D'Este, the Company's President and CEO stated; "We were very pleased to
secure this key extension. Vanoil is the first company to complete 3D seismic
onshore in Kenya and our exploration program is among the most robust ever
completed in country. The time extension granted to Vanoil allows us to fully
realise value from our 3D data and to drill our first two wells in rapid
succession. The ability to place both wells anywhere within the boundaries of 3A
and 3B also gives Vanoil the flexibility to target its most exciting prospects.
We view 2013 as a transformational year for the Company and we now have the time
and operational flexibility to extract maximum value from our assets."


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 of Kenya
and Rwanda. 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 kilometers, potentially
contain prospective resources in excess of 900 million boe, positioned between
Tullow's recent oil discovery and Apache's offshore gas well. Vanoil's 1,631
square kilometers 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

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 none of which can 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.


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


Vanoil Energy Ltd.
Malcolm Burke
604-220-2000
mpb@primarycapital.net
www.vanoil.ca

Grafico Azioni Vanoil Energy Ltd. (TSXV:VEL)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Vanoil Energy Ltd. (TSXV:VEL)
Storico
Da Giu 2023 a Giu 2024