Vanoil Energy Ltd., has now received irrevocable acceptances of the Offer in respect of at least 90% of the issued share capital of Avana. As such, the acceptance condition to the Offer has now been satisfied and the Offer has become wholly unconditional.

The Offer will remain open for acceptance by the remaining shareholders of Avana. Notwithstanding that the Offer will remain open for acceptance, the Offeror intends to apply the provisions of Part X Chapter 3 of the Isle of Man Companies Act 2006, by issuing a Section 160(2) Notice to acquire compulsorily the remaining shares in Avana on the same terms as the Offer.

In addition, Vanoil has also advanced US$3.8 million to Avana, which will be used by Avana for the purposes of perfecting title in the 10% participating interest in Kenya offshore Block L9.

Tags: Vanoil Energy Ltd.