{"id":3972,"date":"2015-11-02T09:45:46","date_gmt":"2015-11-02T09:45:46","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=3972"},"modified":"2017-01-26T13:05:27","modified_gmt":"2017-01-26T13:05:27","slug":"octant-energy-to-purchase-afren-assets-in-tanzania-and-kenya","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/octant-energy-to-purchase-afren-assets-in-tanzania-and-kenya\/","title":{"rendered":"Octant Energy To Purchase Afren Assets in Tanzania and Kenya"},"content":{"rendered":"

Canada-based oil and gas company Octant Energy Corp. has announced that it has entered into three agreements with subsidiary companies of cash strapped Afren PLC to acquire assets in the Republic of Kenya and the United Republic of Tanzania.<\/p>\n

\"Afren<\/a>Afren assets through its wholly owned subsidiary East Africa Exploration EAX include Kenya Block L17\/L18<\/a>, Kenya Block 1<\/a>, and in Tanzania, the Tanga Block.<\/p>\n

The acquisition is important in the development of these assets for the region as it ensures that a team with extensive regional knowledge progresses the respective Production Sharing Contracts forward and raising the profile of the region through the continued delivery of near term actionable items on these assets.<\/p>\n

 <\/p>\n

The Octant team is led by Richard Schmitt, President & CEO, and Christopher McLean, Executive Chairman of whom have a long term history in the region with experiences going back to the initial acquisition and finance of the current discoveries in Kenya and select assets in Tanzania over the last 7-10 years.<\/p>\n

“I am encouraged to be working with assets I know well from my past experiences. This portfolio that Octant has secured is pivotal in the future development of Kenya and Tanzania as they further movement towards energy security and domestic growth in the countries. For me, being a part of East African growth and development again is a great opportunity and privilege,” says Richard Schmitt, President and CEO of Octant.<\/p>\n

Once approval is received Octant will complete the acquisition of the PSC’s from Afren within 7 days. At this time Octant is evaluating its future capital requirements with respect to these PSC’ and will provide future updates with respect the Proposed Transaction in due course.<\/p>\n

Afren is currently operating under an extension<\/a> of its license in Block 1 after Kenya’s\u00a0Ministry of Energy granted its subsidiary East African Exploration (EAX) a 15 month extension to the current Second Additional Exploration Period as a result of security concerns in the area. There is also an ongoing arbitration<\/a> action against East African Exploration (Kenya) Limited (EAX) by Taipan resources in regards to certain breaches to the Joint Operating Agreement (JOA) signed between EAX and Lion in respect of Block 1<\/p>\n

Afren which is currently in administration has 80 percent interest in Kenya\u2019s Block 1 and 100 percent in Blocks L17 & L18 and is the operator in all three blocks. In Tanzania the company has 74 percent working interest in the Tanga programme.<\/p>\n

The acquisition of the PSC’s’ by Octant remains conditional on customary approvals from the respective governments.<\/p>\n","protected":false},"excerpt":{"rendered":"

Canada-based oil and gas company Octant Energy Corp. has announced that it has entered into three agreements with subsidiary companies of cash strapped Afren PLC to acquire assets in the … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":3974,"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":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[60,253,300,301,2774,700,1252,1418,3757,2458,3758,2466],"class_list":["post-3972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-afren-plc","tag-block-1","tag-block-l17","tag-block-l18","tag-east-african-exploration-kenya-limited","tag-eax","tag-kenya","tag-lion-petroleum","tag-octant-energy-corp","tag-taipan-resources","tag-tanga-block","tag-tanzania","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/11\/Octant.png?fit=336%2C218&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-124","jetpack-related-posts":[{"id":5812,"url":"https:\/\/www.oilnewskenya.com\/index.php\/octant-energy-to-raise-10-million-to-finance-kenya-tanzania-blocks-acquisitions\/","url_meta":{"origin":3972,"position":0},"title":"Octant Energy to Raise $10 Million To Finance Kenya, Tanzania Blocks Acquisitions","author":"","date":"March 27, 2017","format":false,"excerpt":"Octant Energy has announced it has entered into a term sheet with Rosseau Asset Management to proceed with a financing of up to USD$10,000,000 through the issuance of secured convertible debentures to finance the acquisition of Afren\u2019s assets in East Africa namely Kenya\u2019s Block L17\/L18 and Block 1 as well\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"Afren block L17,18","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/afren-block-l1718-300x118.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6592,"url":"https:\/\/www.oilnewskenya.com\/index.php\/octant-energy-plans-4-wells-one-seismic-kenyas-mandera-lamu-basin-blocks\/","url_meta":{"origin":3972,"position":1},"title":"Octant Energy Plans 4 wells, 2D Seismic in Kenya\u2019s Mandera and Lamu Basin Blocks","author":"","date":"November 30, 2017","format":false,"excerpt":"Octant Energy which took over from Afren operated Blocks 1, L17 and L18 plans to carry on with already identified drill ready prospects in the three blocks as well as 2D seismic in south Eastern part of the Mandera basin to futher provide more information at El Wak. This is\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":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/Octant-Energy-Kenya.jpg?fit=370%2C416&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4675,"url":"https:\/\/www.oilnewskenya.com\/index.php\/majority-of-petroleum-rights-holding-companies-in-kenya-incorporated-in-tax-havens\/","url_meta":{"origin":3972,"position":2},"title":"Majority of Petroleum Rights Holding Companies in Kenya Incorporated in Tax Havens","author":"","date":"May 12, 2016","format":false,"excerpt":"A report by Oxfam dubbed The Use of Tax Havens in the Ownership of Kenyan Petroleum Rights shows that all but five companies that hold petroleum exploration rights have at least one subsidiary listed in a tax haven or low tax jurisdiction as part of their corporate structures that could\u2026","rel":"","context":"In "PSCs"","block_context":{"text":"PSCs","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/pscs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/05\/Petroleum-Exploration-Block-Map-of-Kenya.png?fit=555%2C534&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/05\/Petroleum-Exploration-Block-Map-of-Kenya.png?fit=555%2C534&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/05\/Petroleum-Exploration-Block-Map-of-Kenya.png?fit=555%2C534&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":2429,"url":"https:\/\/www.oilnewskenya.com\/index.php\/taipan-resources-sues-afren-for-10-million-in-damages-in-kenyas-block-1\/","url_meta":{"origin":3972,"position":3},"title":"Taipan Resources sues Afren for $10 million in damages in Kenya\u2019s Block 1","author":"Samuel Kamau Mbote","date":"February 9, 2015","format":false,"excerpt":"Taipan Resources has announced that the Company's Kenya based subsidiary Lion Petroleum Corp has commenced an arbitration action against East African Exploration (Kenya) Limited (EAX), a wholly owned subsidiary of Afren Plc. This follows certain breaches to the Joint Operating Agreement (JOA) signed between EAX and Lion in respect of\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":3030,"url":"https:\/\/www.oilnewskenya.com\/index.php\/afren-receives-15-month-extension-kenyas-block-1\/","url_meta":{"origin":3972,"position":4},"title":"Afren Receives 15 Month Extension in Kenya\u2019s Block 1","author":"","date":"May 29, 2015","format":false,"excerpt":"The government of Kenya through the Ministry of Energy has granted Afren through its subsidiary East African Exploration (EAX) a 15 month extension to the current Second Additional Exploration Period as a result of security concerns in the area. EAX and its JV partner Taipan Resources through its subsidiary Lion\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":1660,"url":"https:\/\/www.oilnewskenya.com\/index.php\/afren-set-to-drill-2-wells-in-the-lamu-coastal-basin-in-2015\/","url_meta":{"origin":3972,"position":5},"title":"Afren set to drill 2 wells in the Lamu coastal basin in 2015","author":"Samuel Kamau Mbote","date":"August 22, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Afren plans to drill two wells in 2015 after completing an airborne gravity and magnetic survey and additional 2D seismic to help define closures across the Mombasa High. 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