Vanoil - VEL President/CEO resigns Vanoil president, CEO, director D'Este resigns
2013-11-15 16:04 ET - News Release
Mr. James Passin reports
VANOIL ANNOUNCES EXECUTIVE CHANGE
Aaron D'Este has elected to stand down as Vanoil Energy Ltd.'s president, chief executive officer and director due to health restrictions. He joined Vanoil in September, 2012, and led the company through a period of rapid growth. Under his leadership, Vanoil processed its 3-D seismic survey, launched a farm-out process and commenced drilling operations on block 3 in Kenya. During this period, Vanoil also acquired Avana Petroleum Ltd. and Fluormin PLC, which doubled the company's asset portfolio and provided the capital to underpin Vanoil's current operations. Major progress was achieved under his leadership, and the Vanoil team wishes him a speedy recovery and a successful future.
The company is pleased to announce that Sam Malin, currently a non-executive director, has agreed to become president and chief executive officer. This provides a seamless transition for the company as Mr. Malin has an excellent understanding of Vanoil's assets. Moreover, as founder and chief executive officer of Avana, he was directly responsible for the company's involvement in two key assets: the highly prospective Kenyan L9 offshore block with partners Ophir Energy PLC and FAR Ltd. and Seychelles's exploration areas A and B with partner Afren PLC.
Mr. Malin's previous experience includes the founding of Madagascar Oil Ltd. and Red Island Minerals Ltd., which featured the development of multibillion-barrel heavy oil fields and a major coalfield, respectively. As founder and chief executive officer, he created significant value in both companies. He built Madagascar Oil from inception to a value in excess of $1-billion by late 2006. As Red Island's chairman, he concluded a comprehensive survey of the Sakoa coalfield resulting in a sale to Thailand's PTT Asia Pacific Mining Pty. for nearly $100-million.
He holds a BSc (hons) in geological engineering from Queen's University in Canada and completed graduate studies in England at the University of Cambridge. His prior experience includes advisory positions for the European Commission, as well as positions with Standard & Poor's, Arthur D. Little and Dome Petroleum Ltd. He is fluent in French and conversant in several other languages.
James Passin, Vanoil's chairman, stated: "The company is extremely fortunate that Sam has agreed to become its new CEO. Sam was the CEO of Avana prior to its acquisition by Vanoil earlier this year, with a proven ability in building a successful East African-focused oil exploration company. I look forward to working with Sam in the ongoing development of Vanoil's highly prospective exploration portfolio. The company's ongoing drilling and exploration programs will position Vanoil as an attractive platform for value growth and strategic investment.
"We thank Mr. D'Este for his efforts on behalf of the company and wish him a rapid return to good health."
We seek Safe Harbor.