Vanoil Energy is a

multinational corporation A multinational company (MNC), also referred to as a multinational enterprise (MNE), a transnational enterprise (TNE), a transnational corporation (TNC), an international corporation or a stateless corporation with subtle but contrasting senses, i ...

that was active in

oil exploration Hydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth using petroleum geology. Exploration methods Vis ...

in Kenya and Rwanda but headquartered in Vancouver, British Columbia. The company was founded in September 2009 as a spin off of Vangold Resources' oil and gas assets, which at the time consisted of exploration and evaluation rights in Kenya and Rwanda and a farmout agreement on a well in Alberta, though the farmout agreement expired in 2011. The company pursued

seismic exploration Reflection seismology (or seismic reflection) is a method of exploration geophysics that uses the principles of seismology to estimate the properties of the Earth's subsurface from reflected seismic waves. The method requires a controlled seismi ...

activities in both Kenya and Rwanda with funds received through stock offerings. Vanoil's involvement in Rwanda ended in 2013 with the expiry of their exploration and evaluation contract with the Rwanda government. After Kenya refused to extend its agreements with Vanoil's after they expired Vanoil entered in international arbitration in 2014 seeking compensation for losses However, on 1 October 2014, Vanoil announced that it had commenced international arbitration against the Government of Kenya. The company had been listed on the

TSX Venture Exchange The TSX Venture Exchange is a stock exchange in Canada. It is headquartered in Calgary, Alberta, with offices in Toronto, Vancouver, and Montreal. All trading through the Exchange is done electronically, so the Exchange does not have a "trading f ...

since its founding with Vangold shareholders receiving an equivalent share of Vanoil and with

hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as s ...

Firebird Global Fund being its largest shareholder. In 2012, the company incorporated Vanoil Energy Holdings Ltd. and Vanoil Resources Ltd. as subsidiaries in the

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hold Hold may refer to: Physical spaces * Hold (ship), interior cargo space * Baggage hold, cargo space on an airplane * Stronghold, a castle or other fortified place Arts, entertainment, and media * Hold (musical term), a pause, also called a Ferm ...

and operate assets. In 2013 they acquired Fluormin PLC which was listed on the

Alternative Investment Market AIM (formerly the Alternative Investment Market) is a sub-market of the London Stock Exchange that was launched on 19 June 1995 as a replacement to the previous Unlisted Securities Market (USM) that had been in operation since 1980. It allows ...

of the

London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St P ...

(LON:FLOR), the

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-based Avana Petroleum. With these companies becoming subsidiaries of Vanoil Energy Holdings, they provided the company with rights for offshore oil exploration in Kenya and

Seychelles Seychelles (, ; ), officially the Republic of Seychelles (french: link=no, République des Seychelles; Creole: ''La Repiblik Sesel''), is an archipelagic state consisting of 115 islands in the Indian Ocean. Its capital and largest city, ...

, as well as other assets. However, after losing its principal assets in Kenya, the company's shares were suspended from trading on the

(downgraded to the NEX board for inactive companies) in 2017 and then delisted in December 2018.

References

External links

* {{Official website, www.vanoilenergy.com
Official website of Fluormin
Companies based in Vancouver Companies formerly listed on the TSX Venture Exchange Oil companies of Canada Companies based in British Columbia