Vanoil Energy Ltd VNLEF

New article today looks bullish for VEL:

[PapaFritz]

Canadian oil company in talks with Kenya on licence renewal NAIROBI (Xinhua) -- Canadian oil and gas company Vanoil has confirmed ongoing discussions with the Kenyan government on its license renewals in the East African nation. Vanoil said in a statement that it is negotiating to renew its interest in onshore Blocks 3A and 3B, originally acquired in October 2007 through the signing of a Production Sharing Contract (PSC) with the government. “These talks are now at a key stage and the company expects them to conclude imminently. At such time, Vanoil will provide an immediate information update to the market,” it said in the statement. The blocks cover 24,912 km2 in Kenya’s Anza Basin and are geologically analogous to the prolific Muglad and Melmut Basins of South Sudan and geographically in close proximity to the recent PaiPai discovery in Kenya, it said. The company anticipates the receipt of its 10 percent working interest in the highly prospective 5,110 km2 Block L9 alongside Dominion Petroleum Kenya Limited (a wholly owned subsidiary of Ophir Energy plc) and FAR Limited. “This block lies directly south of Block L8 which hosts the Mbawa gas discovery made in 2012,” it said. Vanoil is an oil and gas company with a portfolio of assets in East Africa and in Seychelles, in the western Indian Ocean. Kenya has a huge mineral potential but its exploration efforts have only picked up in the last 5 years with the awarding of commercial licences in prospecting for oil, gold, coal, geothermal and rare earths. The East African nation has drilled over 30 dry wells in Isiolo, (northeastern Kenya) and Lamu (Southeast) and has lost a lot of money. While decades of oil exploration failed to yield results, in most cases, ending with nothing less than a bottle of crude oil, Kenyan officials say there were high hopes of Kenya striking commercial oil with the advent of new oil exploration technologies. https://www.coastweek.com/3706-latest-news-Canadian-oil-company-in-talks-with-Kenya.htm