Vanoil Announces Independent Resource Estimate and Terminates Non Binding Letter of Intent
09 Agosto 2011 - 12:00PM
Marketwired Canada
Vanoil Energy Ltd. ("Vanoil" or the "Company") (TSX VENTURE:VEL) is pleased to
announce, an independent assessment of the Company's prospective resources has
been completed by Sproule International ("Sproule"). The independent assessment
was carried out in accordance with the standards established by the Canadian
Securities Administrators in National Instrument ("NI") 51-101 Standards of
Disclosure for Oil and Gas Activities. The effective date of the report is May
31, 2011.
Vanoil properties include a 100% working interest in Company operated Production
Sharing Contracts (PSCs) in Kenya Blocks 3A and 3B. The Blocks are at the
confluence of three Basins, the Anza, the Mochesa and the Lamu containing
Jurassic, Cretaceous and Tertiary plays. The Vanoil NI 51 101 report covers the
South Anza Basin only which represents approximately one third of the 200 by 110
square kilometres in Blocks A and B combined.
The Sproule report incorporated the results of approximately 2,000 line-
kilometre of 1970's vintage seismic shot by Chevron and reprocessed by Vanoil in
2009 as well as 449 line- kilometre of infill seismic shot by Vanoil in 2010.
This 5 million dollar program was conducted by the Bureau of Geophysical
Prospecting ("BGP") is one of the world's leading geophysical service companies.
The chevron 2000 kilometre data contained amplitude anomalies over the leads
that were profiled in 2010 with longer spread lengths that confirmed on relative
amplitude processing that they were class III Amplitude versus offset (AVO)
anomalies. Further chimney analysis of the post seismic attributes indicates
sealing faults on some of the leads. A 3D seismic program will be designed
targeting the most highly ranked leads which will also be the focus for a 2012
drilling campaign in Block 3A.
As may be seen in the following table, Sproule's Best Estimate of gross unrisked
undiscovered petroleum initially in place is approximately 3.6 billion barrels
of oil equivalent (MMboe); the associated Best Estimate of gross unrisked
recoverable volumes Prospective Resources is approximately 840 million barrels
of oil equivalent. The Company cautions that BOEs may be misleading,
particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is
based on an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the wellhead.
The Sproule assessment identifies twenty seven leads in the South Anza Basin
solely contained in Block 3A, the termination rift segment of the Anza Graben
which originates in the Sudan. The Anza Graben is the southern extension of the
oil prolific Muglad and Melut rift basins of South Sudan. Analogies of the basin
with Sudanese oil fields is observed from similar faulting patterns and
geochemical analysis of oil recovered from wells in drilled in the Anza Graben.
The Company also reports that it has completed its due diligence and as a result
have terminated all negotiations with respect to a previously announced
non-binding letter of intent (see press release dated May 26, 2011), with
respect to an arm's length business combination.
BGP was contracted to carry out the 2011 Vanoil seismic program in Block 3B in
May, 2011. BGP mobilized in June and vibroseis recording commenced on July 5,
2011. Data quality has been very good and progress has been relatively rapid,
averaging 8 kilometres per day. Preliminary processing of the data indicates
significant structural leads exist in Block 3B that marks the beginning of the
Lamu Embayment Basin. At the end of July, more than 50% of the 395 line-
kilometre project had been completed. It is anticipated that the project will
complete before the end of August, 2011 at a cost of 5 million dollars. At that
time the remaining data will be processed which we expect will identify
significant new prospective Leads for Vanoil's 100% owned 24,682 square
kilometres in Kenya.
----------------------------------------------------------------
Table S-2
Resource Summary
Block 3A & 3B Area, Anza Graben, East African Rift System, Kenya
As of May 31, 2011
----------------------------------------------------------------
Gross Unrisked Undiscovered Petroleum
Initially In-Place(1), MMboe
----------------------------------
Low Best High
----------------------
(Estimates)
----------------------------------
Lead Zones Mean P90 P50 P10
-----------------------------------------------------
1 Ken 8, 10,
12 240.8 38.8 133 520.8
-----------------------------------------------------
2 Ken 13 71.1 5.04 28.1 168.1
-----------------------------------------------------
3 Ken 13 42.9 3.62 19.1 99.3
-----------------------------------------------------
4 Ken 13 36.6 3.47 17.6 84.3
-----------------------------------------------------
5 Ken 8, 10,
12 231.4 33.8 123.9 513.3
-----------------------------------------------------
6 Ken 13 28.8 2.86 13.9 68.5
-----------------------------------------------------
7 Ken 13 29.8 2.81 14.2 68.6
-----------------------------------------------------
8 Ken 8, 10,
12, 13 363.8 77.7 233.8 756.3
-----------------------------------------------------
9 Ken 13 87.7 5.41 32.2 206.6
-----------------------------------------------------
10 Ken 8, 10,
12, 13 527.9 112.5 344.1 1127.1
-----------------------------------------------------
11 Ken 13 70.4 4.89 28.3 165
-----------------------------------------------------
12 Ken 10,
12, 13 184.1 36.2 114.4 398.8
-----------------------------------------------------
13 Ken 10,
12, 13 174.3 35.4 112.9 367.2
-----------------------------------------------------
14 Ken 13 30.6 2.88 14.2 72.1
-----------------------------------------------------
15 Ken 13 118.8 7.43 44.9 280.6
-----------------------------------------------------
16 Ken 13 145.7 8.58 54.6 346.2
-----------------------------------------------------
17 Ken 13 96.8 5.58 35.9 233.2
-----------------------------------------------------
18 Ken 10,12 220.5 23.7 105.9 508.6
-----------------------------------------------------
19 Ken 10,12 294.4 31.7 138.4 661
-----------------------------------------------------
20 Ken 10,12 53.6 8.91 31.5 118.2
-----------------------------------------------------
21 Ken 10,12 912.9 47.1 286.5 2037.3
-----------------------------------------------------
22 Ken 8 28.1 2.01 11.9 65.7
-----------------------------------------------------
23 Ken 8 15.4 1.37 7.06 35.5
-----------------------------------------------------
24 Ken 8 103.3 4.1 31 239
-----------------------------------------------------
25 Ken 8 117.1 5.07 37 267.4
-----------------------------------------------------
26 Ken 8 21.1 1.77 9.43 49
-----------------------------------------------------
27 Ken 8 73.2 3.64 24.7 172.3
-----------------------------------------------------
Total 4049.9 2401.5 3669.5 5971.2
-----------------------------------------------------
---------------------------------------------------------------------------
Gross
Risked Mean
Prospective
Gross Unrisked Geo- Resources
Prospective logical (4),
Resources(2), MMboe COS(3) MMboe
----------------------------------
Low Best High
----------------------
(Estimates)
--------------------------------------------------------
Lead Zones Mean P90 P50 P10 % Mean
---------------------------------------------------------------------------
1 Ken 8, 10,
12 55.8 7.62 28.1 117.9 36.0 20.1
---------------------------------------------------------------------------
2 Ken 13 16.8 0.887 5.7 38.3 5.6 0.9
---------------------------------------------------------------------------
3 Ken 13 9.78 0.629 3.89 23.5 5.6 0.5
---------------------------------------------------------------------------
4 Ken 13 8.45 0.627 3.45 19.3 5.6 0.5
---------------------------------------------------------------------------
5 Ken 8, 10,
12 53.4 6.58 25.8 118 36.0 19.2
---------------------------------------------------------------------------
6 Ken 13 6.53 0.508 2.75 15.1 5.6 0.4
---------------------------------------------------------------------------
7 Ken 13 6.92 0.496 2.84 15.6 5.6 0.4
---------------------------------------------------------------------------
8 Ken 8, 10,
12, 13 83.1 15.6 50.1 175.5 39.6 32.9
---------------------------------------------------------------------------
9 Ken 13 20 0.951 6.49 46.5 5.6 1.1
---------------------------------------------------------------------------
10 Ken 8, 10,
12, 13 122.1 22.5 74.5 264.9 39.6 48.3
---------------------------------------------------------------------------
11 Ken 13 16.1 0.876 5.64 37.2 5.6 0.9
---------------------------------------------------------------------------
12 Ken 10,
12, 13 41.9 7.1 24.4 94 32.3 13.5
---------------------------------------------------------------------------
13 Ken 10,
12, 13 39.9 6.86 23.5 87.2 32.3 12.9
---------------------------------------------------------------------------
14 Ken 13 6.99 0.516 2.86 15.8 5.6 0.4
---------------------------------------------------------------------------
15 Ken 13 28 1.3 9.14 62.8 5.6 1.6
---------------------------------------------------------------------------
16 Ken 13 33.3 1.53 11 78.8 5.6 1.9
---------------------------------------------------------------------------
17 Ken 13 22 0.988 7.22 52.3 5.6 1.2
---------------------------------------------------------------------------
18 Ken 10,12 50.1 4.39 22.1 115.3 20.9 10.5
---------------------------------------------------------------------------
19 Ken 10,12 68.2 5.88 29.2 154.6 20.9 14.2
---------------------------------------------------------------------------
20 Ken 10,12 12.4 1.69 6.54 26.9 20.9 2.6
---------------------------------------------------------------------------
21 Ken 10,12 206.3 8.97 59.7 448.6 20.9 43.1
---------------------------------------------------------------------------
22 Ken 8 6.42 0.368 2.39 14.8 10.8 0.7
---------------------------------------------------------------------------
23 Ken 8 3.47 0.241 1.43 8.17 10.8 0.4
---------------------------------------------------------------------------
24 Ken 8 23.9 0.739 6.13 52.3 10.8 2.6
---------------------------------------------------------------------------
25 Ken 8 27.7 0.876 7.33 60.1 10.8 3.0
---------------------------------------------------------------------------
26 Ken 8 4.78 0.31 1.86 11 10.8 0.5
---------------------------------------------------------------------------
27 Ken 8 16.8 0.64 5.01 37.9 10.8 1.8
---------------------------------------------------------------------------
Total 927.3 521.5 836.1 1386.5 236.1
---------------------------------------------------------------------------
Ken 13 - Lower Tertiary (Paleocene-Oligocene)
Ken 12 - Upper Cretaceous
Ken 10 - Lower Cretaceous (same prospect closure areas as
Upper Cretaceous)
Ken 8 - Upper Jurassic
---------------------------------------------------------------------------
Notes
1 Undiscovered resources (equivalent to undiscovered petroleum
initially-in-place) are those quantities of petroleum that are estimated, as of
a given date, to be contained in accumulations yet to be discovered.
2 Prospective resources are those quantities of petroleum estimated, as of a
given date, to be potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective resources have both an
associated chance of discovery (geological chance of success) and a chance of
development (economic, regulatory, market and facility, corporate commitment and
political risks). The chance of commerciality is the product of these two risk
components. These estimates have not been risked for either chance of discovery
or chance of development. There is no certainty that any portion of the
prospective resources will be discovered and, if discovered, there is no
certainty that it will be developed or, if it is developed, there is no
certainty as to either the timing of such development or whether it will be
commercially viable to produce any portion of the resources. These are gross
estimates without consideration of working interest, royalties, or other
encumbrances.
3 Individual geological risks were applied to each zone. The risks were
aggregated statistically within the Monte Carlo software, GeoX at the individual
prospect entity level. In this way, leads with multiple potential target zones
have an overall higher chance of geological success. These aggregate risk
numbers apply only to the chance of obtaining a minimum amount of some
hydrocarbons from some zone to fall on the prospective resource distribution
curve. It is not statistically appropriate to apply these chance of geological
success numbers to the low, best, and high estimates.
4 These are gross estimates without consideration of working interest,
royalties or other encumbrances.
About Vanoil Energy Ltd.
Based in Vancouver, Canada, Vanoil is an internationally diversified Oil and Gas
company that has a comprehensive portfolio of oil and gas assets in the African
countries of Kenya and Rwanda, and in the Province of Alberta, Canada. In Kenya,
Blocks 3A and 3B were acquired in October 2007 through the signing of a
Production Sharing Contract with the Government of the Republic of Kenya. Blocks
3A and 3B, which cover 24,682 square kilometers, are part of the vastly
under-explored Cretaceous Central African Rift Basin System. In addition, Vanoil
controls 1,631 square kilometers of oil and gas concessions in the East Kivu
Graben in Rwanda is on the same rift trend with the Albertine Graben where
Heritage and Tullow Oil made their historic discovery in neighboring Uganda.
Vanoil also owns a 42% working interest in the Sarcee 12-13 gas well and the
surrounding four sections (2,560 acres) of land in the Turner Valley Area in
South-western Alberta.
On Behalf of the Board of
VANOIL ENERGY LTD.
Dal Brynelsen, President and CEO
Disclaimer for Forward-Looking Information
Statements containing forward-looking information express, as at the date of
this news release, the Company's plans, estimates, forecasts, projections,
expectations, or beliefs as to future events or results and are believed to be
reasonable based on information currently available to the Company.
Forward-looking statements and information are based on assumptions that
financing and personnel will be available when required and on reasonable terms,
and all necessary regulatory approvals and shareholder approval will be
obtained, none of which are assured and are subject to a number of other risks
and uncertainties.
There can be no assurance that forward-looking statements will prove to be
accurate. Actual results and future events could differ materially from those
anticipated in such statements. Readers should not place undue reliance on
forward-looking information.
Vanoil Energy Ltd. (TSXV:VEL)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Vanoil Energy Ltd. (TSXV:VEL)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024
