Petroleum Africa
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Tuesday, August 11, 2015
Oyster Oil and Gas issued a notice of default to Afren plc, operator of Block 1101 in Madagascar through its wholly owned subsidiary EAX Madagascar, of its failure to meet and maintain the financial obligations for the block.
Under the terms of the notice of default Afren has 30 days to remedy the default after which the participating interest in the block will be transferred to Oyster. Given Afren’s current financial position and the fact that it has just delisted its shares from AIM it is unlikely that the company will be able to meet its obligations.
During the default period, Oyster will undertake the duties of the operator as defined in the PSA.
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