Petroleum Africa
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Wednesday, March 15, 2017
Oyster Oil and Gas Ltd. received governmental approval from Djibouti to commence Phase III of its exploration contract for Block 1. The block has been the focus of Oyster’s exploration focus since 2016.
Results from Oyster’s 2016 airborne gravity and magnetic survey indicated that the targeted Mesozoic sedimentary basin extends across most of Block 1. In January, the company’s technical team conducted scouting field trips across the large potential field areas to evaluate the scope for the next phase of exploration activities, including an onshore seismic campaign.
The PSC between the company and Djibouti stands for three years and is set end in February 2020.
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