interesting read, page-5

Of interest to PCL, FAR and WHN... I guess.

http://www.finanznachrichten.de/nachrichten-2012-11/25258418-vanoil-agrees-non-binding-terms-to-acquire-avana-256.htm
Click here



Vanoil Agrees Non-Binding Terms to Acquire Avana
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/22/12 -- Vanoil Energy Ltd. (TSX VENTURE: VEL) ("Vanoil") is pleased to announce that it has entered into a non-binding heads of terms to potentially acquire the entire issued and to be issued share capital of Avana Petroleum Limited ("Avana") from its shareholders (the "Sellers") on a cash-free debt-free basis (the "Acquisition").

Highlights:

-- Non-binding heads of terms agreed for the Acquisition in a cash-free-
debt-free share transaction
-- If completed, will deliver a 10% interest in Kenya offshore block L9
with its partners Ophir and FAR Limited and a 25% interest in Seychelles
Areas A and B with its partner Afren plc
-- Supports Vanoil's vision of becoming an emerging leader in East African
oil and gas exploration
-- Brings geological and geopolitical diversification to the existing
onshore Vanoil portfolio
-- Increases, at completion, Vanoil's net recoverable mean unrisked
prospective resources from 927 million boe to well over two billion boe
-- Accelerates Vanoil's exploration program, with two 3D seismic surveys
and at least four drilling events scheduled for 2013 alone

Avana is a privately held Isle of Man company which holds a 10% working interest in Kenya offshore block L9 with its partners Ophir Energy plc ("Ophir") and FAR Limited. Block L9 is a 5065 km2 block located off the coast of Mombasa in the southern waters of Kenya; a region in which all of the neighbouring acreage is held by Total, Anadarko, BG, Apache, PTT and their respective partners. Block L9 lies directly to the south of block L8, on which Apache discovered gas in the Mbawa prospect earlier this year. The results of a 560 km2 3D seismic survey conducted in Q2 2012 suggest that the analogous Mbawa South prospect extends across the border of block L8 into L9, and a second 1536 km2 3D seismic survey conducted by Ophir in Q3 2012 illuminated potential oil prospects in a separate fairway spanning the southern half of block L9 and notably the Simba Graben. Ophir management presentations in October 2012 note that the estimated gross recoverable mean unrisked prospective resources on block L9 are 2.7bbbl/11.8 TCF of natural gas and that drilling will commence in 2013.

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