Avana Petroleum - Camac Energy: $15 mn Definitive Agreement
Avana Petroleum Ltd's principal shareholders and Camac Energy Inc have signed a definitive agreement whereby Camac Energy will acquire 100% of the issued share capital of Avana Petroleum for a total $15mn payable in Camac Energy common stock.
November 7, 2011 - CAMAC Energy Signs Heads of Agreement to Acquire Avana Petroleum
HOUSTON, TEXAS – November 7, 2011 – CAMAC Energy Inc. (NYSE Amex: CAK), a U.S.- based energy company engaged in the exploration, development and production of oil and gas in West Africa and China, today announced that it has signed a heads of agreement (“HOA”) to acquire one hundred percent of the issued share capital of Avana Petroleum Limited, a private Isle of Man company (“Avana”), for a purchase price of US$15 million, payable in shares of the Company’s common stock. Avana is an independent oil and gas exploration group whose core area of interest centers on the western Indian Ocean and East African margin with interests in the Seychelles Islands and offshore Kenya.
May 18th, 2011 - BLOCK L9 PSC, OFFSHORE KENYA, SIGNED IN NAIROBI
Avana Petroleum Limited (“Avana”) is pleased to announce that the Production Sharing Contract (PSC) for Block L9 in the Lamu Basin, offshore Kenya, wassigned in Nairobi on May 17th, 2011 with the Kenyan Ministry of Energy. Avana holds a 10% working interest, with Dominion Petroleum Limited holding a 60% working interest and operatorship and Flow Energy Limited holding a 30% working interest.
March 24th, 2011 I Avana Awarded New Licensing Opportunity in East Africa
Avana Petroleum is pleased to announce the award of Offshore Block L9
(the "Block") in the Lamu Basin, Kenya. Avana will hold a 10% interest
in the L9 Joint Venture with 60% being held by Dominion Petroleum
Limited ("Dominion"), which will be operator, and 30% being held by
Flow Energy Limited ("Flow").
October 8th, 2008 | Seychelles: EAX firms up contracts for exploration permit
East African Exploration (EAX), a Black Marlin Group subsidiary, has
announced that it has reached an agreement and has been granted approval
by the government of Seychelles for an exploration permit.
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Tim Nelson
Finance and Business Development Tim
holds an MBA (Hons) from Lausanne and has over 10 years of experience
in corporate finance in the resources industry, assisting and advising
companies with a view to listings on the public markets. Tim is a
founder director of several companies including Bekitoly Resources, a
uranium exploration company in Madagascar, Walcom Biochem, a Hong
Kong-based AIM-listed company, Vuna Capital Trustees (Mauritius)
Limited and RIM. He was also a founding director of Madagascar Oil. Tim
is fluent in French which has proven invaluable in Avana’s region of
interest.
March 24th, 2011 I Avana Awarded New Licensing Opportunity in East Africa
Avana Petroleum is pleased to announce the award of Offshore Block L9 (the "Block") in the Lamu Basin, Kenya. Avana will hold a 10% interest in the L9 Joint Venture with 60% being held by Dominion Petroleum Limited ("Dominion"), which will be operator, and 30% being held by Flow Energy Limited ("Flow").
Welcome to Avana Petroleum
Despite the current problems in the world economy, oil exploration continues apace with an eye to the inevitable economic recovery as well as the huge unrealised demand in new developing economies such as China and India. Competition for energy supplies is driving critical concerns surrounding the security of current energy supplies.
Read more...
How oil investors can drill for money - Sam Malin
Originally a Canadian, he is a geophysicist globetrotter with more air miles under his substantial trousers than a skein of migrant geese. He is also the CEO of Madagascar Oil and Avana Petroleum and a former oil price forecaster for Standard & Poor’s DRI. So, basically what he doesn’t know about the oil biz probably isn’t fit for wiping the crud off your dipstick.
Watch the interview
Get in touch with us
Avana Group Madagascar
Head OfficeHead Office
Lot 085 B
Ambohibao
Antananarivo 105
Madagascar
Tel: +261 (0)2022 27935
Fax:+261 (0)2022 27928
info@avanapetroleum.com Avana Petroleum
London Representative Office78 Pall Mall
London
SW1Y 5ES
United Kingdom
Welcome to Avana Petroleum
With booming new developing economies such as China and India driving high levels of oil consumption and critical concerns surrounding the security of current energy suppliers from Russia, Venezuela and the Middle East, International companies have started venturing farther a field to the under explored areas of East Africa and the Western Indian ocean in search for the next oil frontier.
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The Breakup of Gondwana
The technical coherence of Avana’s core geographical area lies in the fact that 200 million years ago, in the early Jurassic, its areas of interest were juxtaposed when today’s southern continents, with India, were parts of a super-continent called Gondwana. For this reason, the region is host to widely distributed, oil prone, Triassic to Jurassic source rocks that underpin most of the active modern hydrocarbons systems in the western Indian Ocean, the East African margin and the western margin of the Indian subcontinent.
Vision and Objectives
Vision
To bring attractive financial returns to shareholders whilst benefitting all stakeholders through the support of sustainable development and knowledge transfer.
Objectives
- To identify, secure and develop world class hydrocarbons assets in the western Indian Ocean region
- To implement aggressive, methodical and cost-effective work programs
- To work with appropriate technical and financial partners and, where suitable, regionally-capable farm-in partners
- To achieve an Initial Public Offering, or other liquidity event, on an internationally recognised stock exchange
- To manage positively and proactively environmental and socio-economic issues, to support knowledge transfer and sustainable development; Avana works with all relevant government agencies and NGOs
Core Assets
Seychelles
Avana holds a 25% participating interest in a 15,000 km2 (3.7 million acre) exploration area granted to Avana and its partner East Africa Exploration (now a subsidiary of Afren) in 2008.
Kenya
Avana
holds a 10% participating interest in a 5,110 km2 (1.3 million acre)
exploration area awarded to Avana and its partners Dominion Petroleum
and Flow Energy in 2011.
Madagascar
Avana holds a 100% interest in licenses in the Sambaina shale oil area of onshore Madagascar. Avana is also involved in opportunities to take additional onshore and offshore hydrocarbons interests.
Comoros
Avana has completed an initial analysis of the hydrocarbons prospectivity of the waters around the Comoros Islands.
Wider Region
Avana is considering a number of hydrocarbons opportunities in the wider western Indian Ocean/East African margin region.
About Avana : Management
Sam Malin
Chief Executive OfficerThe founder of Avana, Sam has some 25 years of industry experience, the majority of which is in the region of the western Indian Ocean and East African margin. Previously, he founded Madagascar Oil and Red Island Minerals (RIM) and is the originator of their projects which are the development of multi-billion barrel heavy oil fields and a major coal field respectively. At Madagascar Oil, as CEO, he built it from scratch into a $1¼ billion dollar company. As RIM’s Chairman, Sam launched a significant appraisal programme of the Sakoa coal field and saw Straits Resources (since superseded by PTT) purchase a 35% stake in RIM (valuing it at some $135 million).
Sam’s previous experience includes as industry advisor under various EU programmes as well as positions with Standard & Poor’s DRI, Arthur D. Little, and Dome Petroleum. Sam holds a BSc (Hons) in Geological Engineering from Queen’s University in Canada and undertook graduate studies at the University of Cambridge in England. He is fluent in French and has ability in several other languages.
Lydia Boarlaza
General ManagerLydia plays a key role in coordinating the in-region team and also brings to the company a wealth of sectoral knowledge and project management and development skills. Before moving to Avana with Sam, Lydia was Resident Manager of Madagascar Oil and, earlier, of Hunt Oil Company and Shell. Lydia is a Director of RIM. She is fluent in French and English as well her native Malagasy.
Bill Rhea
Exploration and TechnicalBill has over 30 years of upstream oil and gas petroleum engineering and exploration experience worldwide, both onshore and offshore. He is a Director of Saratoga Resources and, from 2006 to 2009, served as President and Chief Executive Officer of Gulf Energy Exploration Corp. Bill holds a BSME, PE, Engineering, from the University of Texas at Austin.
Charles Sylvain Rabotoarison
Regional RelationsSenator Rabotoarison has held several senior positions in the government of Madagascar including Minister of Interior and Minister of Environment, Tourism and Agriculture. He has special responsibility in the Senate of Madagascar for environmental and energy issues.
About Avana : History and Organisation
Avana Petroleum Limited is an Isle of Man company set up in 2007 to take advantage of hydrocarbons opportunities identified by its team over the previous 20 years or so., The Avana team recognised the technical and economic attractiveness of the Seychelles hydrocarbon system as well as the prospectivity of the East African margin. Also, several team members were instrumental in the identification of the economic potential of Madagascar’s heavy oil resources and the subsequent creation of Madagascar Oil to develop these.
Avana’s subsidiary Madagascar Natural Resources Development was set up in 2008 to hold Avana’s Malagasy assets and to oversee operations on the island.
Our name is taken from the Malagasy language. It means rainbow and, in that sense, embodies not only hope and commitment but also represents the diversity of the region in which we operate and indeed of our own multicultural and multilingual team.
Structure
About Avana : Introduction
As the world economy recovers, oil exploration is resurging with an eye on growth in oil consumption in the developed world as well as on the huge unrealised demand in new developing economies such as China and India. Competition for energy supplies is driving critical concerns surrounding the security of current energy supplies. International E&P companies have started venturing farther afield to underexplored areas such as East Africa and the western Indian Ocean in search for the next oil frontier. Indeed, this region has attracted more exploration investment over the last seven years than any other.
Avana Petroleum Limited is an independent Oil and Gas exploration group incorporated in the Isle of Man whose core area of interest centres on the western Indian Ocean and East African margin which Avana has strategically recognised and selected as they are considered highly prospective and amongst the last underdeveloped hydrocarbon frontiers relatively unexploited on a commercial scale. During 2010 and 2011, this region has enjoyed a steady stream of exploration successes.
Key members of the Avana team have been active in the region since the early 1990s and before. Consequently, Avana has developed a profound regional technical understanding as well as excellent relations with the regional business communities and at all levels of governments.