Posted 10/10/2012 | by MidnightTrader.com Staff from Midnight Trader in Investing, Commodities
Octant Energy Corp. (OEL.V) has entered into an option agreement with Kosmos Energy Ltd. under which Kosmos will assign up to 50% of its participating equity working interest in the N'Dian River and Fako onshore licenses in Cameroon.
Octant will pay its share of the exploration costs, including the drilling of the Sipo-1 prospect, which is planned to commence in Q4 2012. The transaction is subject to regulatory approval including the approval of the TSX Venture Exchange.
Octant also has a current option agreement with Ophir Energy plc that provides for Octant to farm into Madagascar block 2102 as operator, for up to a 50% working interest.