Vanoil Receives Seven Month Extension

abarrelfullabarrelfull wrote on 13 Jul 2012 05:24
Tags: africa kenya upstream vanoil

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Vanoil Energy Ltd. ("Vanoil" or the "Company") is pleased to announce that it has received the requested seven month extension to its Production Sharing Contract from the Kenyan Ministry of Energy. This extension extends the contact from September 30, 2012 to April 30, 2013.

This extension allows the Company to complete analysis of 100 square kilometers of high resolution 3D seismic data designed to geologically pin point Vanoil's initial drill site location. The mobilization is expected to be completed in early August and data acquisition to be started mid August and completed in early October. It also provides adequate time for the Company's consultant, Navigator Resource Consulting Ltd., to technically audit the available drill rigs and complete site preparation and material mobilization prior to spudding a planned 3,500 — 4,000 meter well in January 2013.

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