{"id":5509,"date":"2015-11-01T12:08:02","date_gmt":"2015-11-01T12:08:02","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=5509"},"modified":"2017-01-26T13:09:05","modified_gmt":"2017-01-26T13:09:05","slug":"octant-energy-acquires-imara-energy","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/octant-energy-acquires-imara-energy\/","title":{"rendered":"Octant Energy acquires Imara Energy"},"content":{"rendered":"

Octant acquires 100% interest in an oil and gas block in the Lamu basin, onshore Kenya<\/em><\/p>\n

Octant Energy Corp has entered into an arm’s length letter agreement dated July 28, 2015 (the “Letter Agreement”) with Imara Energy Corp. under which Octant will acquire all of the outstanding shares of Imara through the issuance of common shares of Octant.<\/p>\n

Imara’s primary asset is a 100% interest in a 11,692 sq km oil and gas block in Kenya’s onshore Lamu Basin.<\/p>\n

The purchase price for common shares of Imara will be satisfied by the issuance of 16,300,000 common shares of Octant at a deemed price of $0.10 per share, which represents approximately 20% of the Octant shares.<\/p>\n

In addition, Imara currently has outstanding 4,075,500 share purchase warrants and 6,275,000 stock options, both of which have an exercise price of $0.25 per share.<\/p>\n

The outstanding share purchase warrants and stock options of Imara shall be exercised, or “rolled over” into Octant options and shall be exercisable into Octant common shares for a period of 180 days from closing of the Transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

Octant acquires 100% interest in an oil and gas block in the Lamu basin, onshore Kenya Octant Energy Corp has entered into an arm’s length letter agreement dated July 28, … 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":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":[11],"tags":[5701,1111,1252,1377,4435],"class_list":["post-5509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-acquisition","tag-imara-energy","tag-kenya","tag-lamu-basin","tag-octant-energy","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-1qR","jetpack-related-posts":[{"id":6592,"url":"https:\/\/www.oilnewskenya.com\/index.php\/octant-energy-plans-4-wells-one-seismic-kenyas-mandera-lamu-basin-blocks\/","url_meta":{"origin":5509,"position":0},"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":5812,"url":"https:\/\/www.oilnewskenya.com\/index.php\/octant-energy-to-raise-10-million-to-finance-kenya-tanzania-blocks-acquisitions\/","url_meta":{"origin":5509,"position":1},"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":3972,"url":"https:\/\/www.oilnewskenya.com\/index.php\/octant-energy-to-purchase-afren-assets-in-tanzania-and-kenya\/","url_meta":{"origin":5509,"position":2},"title":"Octant Energy To Purchase Afren Assets in Tanzania and Kenya","author":"","date":"November 2, 2015","format":false,"excerpt":"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. Afren assets through its wholly owned subsidiary East Africa Exploration EAX\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 Kenya","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/11\/Afren-Kenya.png?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":7275,"url":"https:\/\/www.oilnewskenya.com\/index.php\/octant-energy-drill-block-l17-18-q2-2018\/","url_meta":{"origin":5509,"position":3},"title":"Octant Energy to Drill in Block L17\/18 by Q2 2019","author":"","date":"November 23, 2018","format":false,"excerpt":"Kenya\u2019s Block L17\/18 operator Octant Energy will be drilling offshore the south coast by Q2 2019 ahead of expiry of the PSC valid until April 23, 2019 OilNews Kenya has learnt. According to the source the well targeting the Wasin prospect which is expected to be drilled from an onshore\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\/2018\/11\/Block-L17.png?fit=358%2C504&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":7403,"url":"https:\/\/www.oilnewskenya.com\/index.php\/new-kenya-upstream-outlook-shows-increased-activity-by-new-players-in-2019\/","url_meta":{"origin":5509,"position":4},"title":"New Kenya Upstream Outlook Shows Increased Activity By New Players in 2019","author":"","date":"January 2, 2019","format":false,"excerpt":"The just newly released Kenya Upstream Outlook for the year 2019 shows that most of the new seismic and drilling activity will be by new explorers with the Lamu basin just like in 2018 witnessing most of the drilling. 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