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Monday, September 9, 2013
Oyster Oil and Gas Ltd. finalized an agreement that will give the company a stake in a block in Madagascar. The agreement was finalized with Candax Energy and gives Oyster a 10% working interest in Block 1101 onshore Madagascar. Under the agreement Oyster will make a cash payment of $500,000 on closing, and upon the drilling of the first exploration well a further payment of $250,000 and $250,000 shares in Oyster.
Block 1101 is located onshore in the north western 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.
Michael Wood, president & CEO commented: “Oyster is very pleased with this acquisition in
Madagascar, which we believe holds strategically significant oil exploration potential. The Oyster team has a considerable understanding of Block 1101, having been responsible for the original signing of the Production Sharing Contract (“PSC”) with the government of Madagascar in 2006. Together with Afren plc., the operator, we will be commencing an extensive work program in 2013-2014 that includes high impact exploration activity and with a drilling program scheduled within the next 12 months.”
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