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Non-Binding Terms Agreed Upon For Vanoil To Acquire Avana
Nov. 22, 2012 08:42AM PST
Resource InvestingVanoil Energy Ltd. (TSXV:VEL) has announced that it has entered into a non-binding heads of terms to potentially acquire the entire issued and to be issued share capital of Avana Petroleum Limited from its shareholders (the “Sellers”) on a cash-free debt-free basis (the “Acquisition”).
Vanoil Energy Ltd. (TSXV:VEL) has announced that it has entered into a non-binding heads of terms to potentially acquire the entire issued and to be issued share capital of Avana Petroleum Limited from its shareholders (the “Sellers”) on a cash-free debt-free basis (the “Acquisition”).
Highlights from the press release:
- Non-binding heads of terms agreed for the Acquisition in a cash-free-debt-free share transaction
- If completed, will deliver a 10% interest in Kenya offshore block L9 with its partners Ophir and FAR Limited and a 25% interest in Seychelles Areas A and B with its partner Afren plc
- Supports Vanoil’s vision of becoming an emerging leader in East African oil and gas exploration
Click here to read full Marketwire press release.