{"id":1998,"date":"2014-11-04T00:00:21","date_gmt":"2014-11-03T23:00:21","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=1998"},"modified":"2015-09-07T13:10:59","modified_gmt":"2015-09-07T13:10:59","slug":"vanoil-energy-reviews-company-operations-to-focus-on-kenyan-case","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/vanoil-energy-reviews-company-operations-to-focus-on-kenyan-case\/","title":{"rendered":"Vanoil Energy reviews company operations to focus on Kenyan case"},"content":{"rendered":"

Last week Vanoil Energy announced that the board of directors has instructed management to conduct an immediate review of all Company operations as it shifts its priority aggressively pursue its legal arbitration claims against the Republic of Kenya.<\/p>\n

As a result the goal is to eliminate non-essential costs, dispose of non-productive assets and secure sufficient funding to enable Vanoil to aggressively pursue its case against Kenya at the International Court of Justice.<\/p>\n

According to interim President and CEO Don Padget following the resignation of Mr. Sam Malin as president, chief executive officer and director of the Company effective October 30, 2014 the company is now looking to reduce cost by 75%.<\/p>\n

“The immediate response of management in implementing our new directives is greatly appreciated. We believe our new plan will quickly reduce monthly costs by over 75% and allow the Company to focus on reaching a full and fair settlement with the Republic of Kenya for the loss of money, time and opportunity experienced by the Company over the past several years,” says Padget.<\/p>\n

The company commenced an international arbitration<\/a> against the Government of Kenya as the “Respondent\u201d following what the company says is a dispute arising from the breach of the Production Sharing Contracts for Blocks 3A and 3B in Kenya.<\/p>\n

Vanoil denies that it was involved in speculation<\/a> in Kenya as stated by the Kenyan government and says the only reason for its delays in drilling was a number of incidents of local disturbance and unrest which led to a directive by local government authorities to reduce and then delay operations until a safe return to the site could be provided.<\/p>\n

Vanoil sees as unfair that the PSC\u2019s were not renewed following the experienced at the drill site and is now demanding a $150 million<\/a> \u00a0as full and proper restitution for its seven years of exploration and development, based upon the net present value of its investment in Kenya.<\/p>\n","protected":false},"excerpt":{"rendered":"

Last week Vanoil Energy announced that the board of directors has instructed management to conduct an immediate review of all Company operations as it shifts its priority aggressively pursue its … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":1401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7,11],"tags":[280,281,621,1156,1252,2086,2234,2669],"class_list":["post-1998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-politics","category-top-news","tag-block-3a","tag-block-3b","tag-don-padget","tag-international-court-of-justice","tag-kenya","tag-production-sharing-contracts","tag-sam-malin","tag-vanoil-energy","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/vanoil-block-3a.png?fit=400%2C400&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-we","jetpack-related-posts":[{"id":53,"url":"https:\/\/www.oilnewskenya.com\/index.php\/vanoil-says-it-may-accept-other-explorers-in-rwanda-oil-search\/","url_meta":{"origin":1998,"position":0},"title":"Vanoil Says It May Accept Other Explorers in Rwanda Oil Search","author":"Samuel Kamau Mbote","date":"December 3, 2013","format":false,"excerpt":"By Bloomberg Vanoil Energy Ltd. (VEL)\u00a0is discussing with the Rwandan government the option of allowing other companies to help explore the country\u2019s East Kivu Graben Basin as they seek to end a dispute over exploration rights. \u201cIt is possible that a settlement or an agreement between the parties might allow\u2026","rel":"","context":"In "New Discoveries"","block_context":{"text":"New Discoveries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/new-discoveries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1862,"url":"https:\/\/www.oilnewskenya.com\/index.php\/vanoil-seeks-150-million-in-suit-against-the-government-of-kenya\/","url_meta":{"origin":1998,"position":1},"title":"Vanoil seeks $150 million in suit against the Government of Kenya","author":"Samuel Kamau Mbote","date":"October 3, 2014","format":false,"excerpt":"Vanoil Energy Ltd. has commenced an international arbitration against the Government of Kenya after the minister for Energy Davis\u00a0Chirchir declined to renew the company\u2019s exploration licenses citing speculation. In the\u00a0suit Vanoil seeks to resolve a dispute arising from the government\u2019s (Respondent) breach of the Production Sharing Contracts for Blocks 3A\u2026","rel":"","context":"In "Oil Politics"","block_context":{"text":"Oil Politics","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/oil-politics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/vanoil-block-3a.png?fit=400%2C400&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1400,"url":"https:\/\/www.oilnewskenya.com\/index.php\/vanoil-energy-to-proceed-with-arbitration-after-loss-of-kenyan-blocks-3a-and-3b\/","url_meta":{"origin":1998,"position":2},"title":"Vanoil Energy to proceed with arbitration after loss of Kenyan blocks 3A and 3B","author":"Samuel Kamau Mbote","date":"July 7, 2014","format":false,"excerpt":"Vanoil Energy has provided an update on the ongoing negotiations with the Kenyan Government with respect to the extension of Vanoil's Production Sharing Contracts over Block 3A and Block 3B, onshore Kenya. Vanoil has decided to proceed with a formal demand for arbitration in accordance with the UNCITRAL arbitration rules\u2026","rel":"","context":"In "Oil Politics"","block_context":{"text":"Oil Politics","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/oil-politics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/vanoil-block-3a.png?fit=400%2C400&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":395,"url":"https:\/\/www.oilnewskenya.com\/index.php\/vanoil-announces-settlement-accord-with-the-government-of-rwanda\/","url_meta":{"origin":1998,"position":3},"title":"Vanoil Announces Settlement Accord with the Government Of Rwanda","author":"Samuel Kamau Mbote","date":"January 25, 2014","format":false,"excerpt":"Vanoil Energy Ltd. a Vancouver-based Canadian international oil and gas development company has announced that the Government of Rwanda and Vanoil have agreed to end their discussions regarding the exploration of Lake Kivu in Rwanda following expiry of the Technical Evaluation Agreement (\"TEA\") between them in June 2013. As part\u2026","rel":"","context":"In "Oil Politics"","block_context":{"text":"Oil Politics","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/oil-politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":432,"url":"https:\/\/www.oilnewskenya.com\/index.php\/vanoil-provides-update-on-license-renewals-in-kenya\/","url_meta":{"origin":1998,"position":4},"title":"Vanoil Provides Update on License Renewals in Kenya","author":"Samuel Kamau Mbote","date":"February 4, 2014","format":false,"excerpt":"\"Vanoil Energy \u00a0a Vancouver-based Canadian international oil and gas development company has confirmed ongoing discussions with the Kenyan Government with regard to its license renewals in Kenya.These talks are now at a key stage and the Company expects them to conclude imminently. At such time, Vanoil will provide an immediate\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1278,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenyas-parliament-backs-vanoil-energy-license-cancellation\/","url_meta":{"origin":1998,"position":5},"title":"Kenya\u2019s parliament backs Vanoil Energy license cancellation","author":"Samuel Kamau Mbote","date":"June 20, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] The energy and transportation committee has backed the decision to terminate the oil exploration license of Vanoil Energy in January this year. In a report tabled in parliament the committee says the Canadian company was unable to explore any oil in the country after it ran into losses.\u2026","rel":"","context":"In "Oil Politics"","block_context":{"text":"Oil Politics","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/oil-politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/1998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=1998"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/1998\/revisions"}],"predecessor-version":[{"id":3561,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/1998\/revisions\/3561"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/1401"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=1998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=1998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=1998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}