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Vanoil Energy acquires Avana Petroleum for $15m

by on November 22, 2012 4:53 pm BST
 

Chief executive Aaron D’Este said the transaction was a
transformational one for the explorer’s drive into East Africa, created a combined
outfit holding blocks in four different basins in the highly-prospective region.

The Vancouver-based, Toronto-listed explorer will get its
hands on two key assets under the acquisition – a 10% stake in Ophir Energy’s
block L9 off Kenya, and a 25% interest in Afren offshore pair areas A and B in
the Seychelles – to add to existing blocks in Kenya and Rwanda.

Vanoil said its net recoverable mean unrisked prospective
resources would more than double from 927 million barrels of oil equivalent
(boe) to more than two billion boe if the deal is completed.

Avana chief executive Sam Malin is to join Vanoil’s board
after the deal.

A never-completed merger announced this time last year would have seen Avana Petroleum acquired by US junior Camac Energy for the same price.