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Vanoil Energy Ltd's Vanoil Energy Holdings Ltd to Acquire Avana Petroleum Limited


Friday, 15 Mar 2013 02:21pm EDT 

Vanoil Energy Ltd announced that Vanoil and its wholly-owned subsidiary, Vanoil Energy Holdings Ltd. (the "Offeror") has entered into a warranty and implementation agreement with the majority shareholders (being Exchange Minerals Limited, Carinia Holdings Limited and Mr. Sam Malin (the "Principal Shareholders")) of Avana Petroleum Limited ("Avana") and will make an offer to acquire the entire issued share capital of Avana on the terms set out below (the "Offer"). All share transaction recommended by the independent board of directorsof Avana and supported by Avana's CEO, Sam Malin, with irrevocable undertakings to accept the Offer from the Principal Shareholders, representing approximately 82 % of Avana's issued share capital. The Principal Shareholders have undertaken to procure that the Offer isaccepted by certain other shareholders of Avana to ensure that the Offeror has received valid acceptances in respect of at least 90% of Avana's issued share capital (the "Acceptance Condition"). Accordingly, it is expected that the Offer will become wholly unconditional later March 15, 2013. , at completion, Vanoil's net recoverable mean unriskedprospective resources from 927 million barrels of oil equivalent ("boe") to approximately two billion boe. 

Company Quote

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19 Dec 2014