Vanoil Energy Ltd. wishes to update information with regard to ongoing negotiations with the Kenyan Government with respect to the extension of Vanoil's Production Sharing Contracts (PSCs ) 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 adopted by the United Nations Commission on International Trade Law as per the respective PSCs. Furthermore, Vanoil has commenced evaluation of all possible legal remedies the Company may have against the Kenyan Government.

Tags: Vanoil Energy Ltd.