Vanoil has executed an extension to the Technical Evaluation Agreement ("TEA") with the Rwandan Ministry of Natural Resources for Vanoil's exclusive 1,631 square kilometer oil and gas license in the Kivu Graben Basin.
The highly prospective Kivu Graben is on the same rift trend with the Albertine Graben where at Lake Albert, Tullow Oil and Heritage Oil have stated that they have found 1.5 billion recoverable barrels of oil; a significant discovery that many believe may represent only a small portion of the enormous potential of the area.
It is the intention of the Company and the Minister of Natural Resources of Rwanda to conclude a Production Sharing Agreement ("PSA") before the end of 2011.
Vanoil also confirms that the Syracuse University has received permission from the Rwandan Ministry of Natural Resources to commence a 2D Seismic study of Lake Kivu on behalf of Vanoil. This program will assist in identifying the areas of greatest hydrocarbon prospectivity in the Lake Kivu Graben. Additionally, the 2D Seismic study is to demonstrate the similarities between Lake Albert and Lake Kivu and to establish drill targets in and around Lake Kivu on Vanoil's concession.
Mr. Dal Brynelsen, President, commented, "Since the first Technical Evaluation Agreement signed in October of 2007, Vanoil has worked closely with the Rwandan Government to develop and enter into a PSA. We are pleased to see that our efforts will be rewarded shortly. In addition, we are very pleased to secure the technical expertise of the Syracuse University who have provided seismic data for oil and gas discoveries on Lake Albert and recent exploration activities on Lake Turkana as well for Vanoil on Lake Kivu in 2010."
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