Headquarters Vancouver, Canada | Founded 2009 | |
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.
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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).
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. 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.
As at February, 2014, Vanoil was negotiating to extend its PSCs for onshore Blocks 3A and 3B, originally acquired in October 2007. However, on 1 October 2014, Vanoil announced that it had commenced international arbitration against the Government of Kenya.
Ownership and management
Vanoil is a public company listed on the TSX Venture Exchange. Its largest shareholder is Firebird Global Fund, a hedge fund managed by James Passin, who is also the Chairman of Vanoil. The Chief Executive Officer of Vanoil is Don Padgett.
In addition to its office in Vancouver, Vanoil has representation through its subsidiaries in Nairobi, Kenya, Antananarivo, Madagascar and Douglas, Isle of Man.