Non-Binding Terms Agreed Upon For Vanoil To Acquire Avana

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.