Petroleum Africa
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Friday, October 25, 2013
Oyster Oil and Gas Ltd. closed its transaction with Candax Energy Inc. to acquire a 10% working interest in Block 1101 located onshore Madagascar. Oyster will be partnered with Afren plc who holds a 90% working interest in the block.
Michael Wood, President & CEO commented: “Oyster is very excited to complete the purchase of the Madagascar acquisition and we look forward to working with both Afren plc and the government of Madagascar as we develop this world class potential exploration play.”
Block 1101 is located onshore in the northwestern part of Madagascar and the PSC covers an area of some 15,000 sq km. Since 2006 airborne gravity and magnetic surveys and some 430 km
2D seismic have been acquired as well as extensive geological field work and mapping undertaken. A number of substantial prospects and leads have been identified mainly in the potential Triassic and Jurassic sandstone reservoir formations.
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