Vanoil Energy Ltd, confirms its intention to acquire the entire issued and to be issued share capital of AIM listed Fluormin PLC and the entry into of the Implementation Agreement.

The Independent Vanoil Directors have been advised that the Independent Fluormin Directors will recommend the Acquisition to Fluormin Shareholders.

Highlights

•If completed, the Acquisition is expected to provide significant cash resources in the order of US$27 million, including an advance loan of US$5 million. •This capital provides the near term financial flexibility necessary for Vanoil to proceed with its ambitious drilling and seismic programmes to unlock the potential value of its acreage, with two 3D seismic surveys and at least two drilling events scheduled in 2013 alone.

Tags: Vanoil Energy Ltd.