Vanoil Energy Ltd is pleased to announce it has executed a six month extension to the Technical Evaluation Agreement with the Rwandan Ministry of Natural Resources for Vanoil's 1,631 square kilometre oil and gas license in the East Kivu Graben Basin.
Vanoil continues to work with the Rwandan Government on drafting of a Production Sharing Contract ("PSC") which, when completed, will become the country's first PSC.
Vanoil, with the assistance of experts from Syracuse University in New York, has just completed its high resolution, low energy, low penetration 2D seismic survey. Processing of this data is currently underway in Calgary, Alberta and Syracuse, New York. The Company expects to have this data processed and interpreted by late May 2012.
Subject to regulatory approval and pursuant to the Company's shareholder approved option plan, the board of directors allocated a total of 1.075 million share purchase options to certain of its officers, directors and consultants in appreciation of and as an incentive to build Vanoil into a significant oil and gas producer primarily focused on the African Continent. Each option will entitle the holder to purchase one common share of the Company at an exercise price of $0.80 for a period of ten years from date of grant.
