Vanoil Extends Technical Evaluation Agreement With Ministry of Natural Resources of Rwanda


29 Jan 2013 14:10 ET

Marketwire Canada

Vanoil Energy Ltd. ("Vanoil" or the "Company") (TSX VENTURE:VEL) is pleased to announce it has executed a two month extension to its Technical Evaluation Agreement with the Rwandan Ministry of Natural Resources. The agreement provides Vanoil with the exclusive right to negotiate a Production Sharing Contract ("PSC") covering approximately 1,631 square kilometres of the East Kivu Graben, located beneath Lake Kivu, Rwanda.

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.

GLTA in Kenya