VANCOUVER, BC / Oyster Oil and Gas Ltd. (TSX-V:OY)("Oyster") is pleased to announce that is has committed to enter into Phase II of the Production Sharing Contract ("PSC") with the Government of the Republic of Djibouti.
PSC Phase II has an effective date of March 1, 2014 and is for a three year duration ending February 2017. The PSC covers three onshore blocks, Blocks 1, 2 and 4; as well as one offshore block, Block 3, covering in total approximately 3.5 million acres gross, Oyster holds a 100% in the four blocks.
Oyster completed a geophysical and gravity survey in December 2013, processing and interpretation are currently underway and the results are expected in Q2 2014. Oyster will be initiating its Phase II work program in April 2014 with additional geological field work studies. The PSC, Phase II includes work program commitments to complete a 2D seismic acquisition and a drilling obligation.
About Oyster Oil and Gas Ltd.
Oyster is an international oil and gas exploration company with a focus on eastern Africa where is holds interests in approximately 6 million acres gross in Djibouti and Madagascar. Oyster holds a production sharing contract with the Government of Djibouti with respect to four blocks comprising approximately 3.5 million acres onshore and offshore; the company also holds a 10% working interest in an onshore block in Madagascar covering approximately 2.8 million acres.
For further information please contact:
Martin Bajic, Chief Financial Officer
Tel: (604) 628-5621
Fax: (604) 662-7950
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release contains forward-looking information within the meaning of applicable securities laws, and such forward-looking information is based on the expectations, estimates and projections of the management of Oyster as of the date of this news release unless otherwise stated. The use of any of the words "expects", "anticipates", "continues", "estimates", "objective", "ongoing", "may", "will", "projects", "develop", "should", "believes", "plans", "intends", and similar expressions are intended to identify forward-looking information. More particularly and without limitation, this press release contains forward-looking information concerning future anticipated exploration activities conducted on the working interest in the Madagascar. Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the industries and countries in which Oyster operates in general, such as operational and exploration risks; delays or changes in plans with respect to growth projects or capital expenditures; delays in obtaining governmental approvals, permits or financing or political risks in the completion of exploration, development or construction activities; access to drilling rigs, completion equipment, seismic equipment and operational personnel; costs and expenses; political risks; title disputes; health, safety and environmental risks; commodity price, interest rate and exchange rate fluctuations; environmental risks; competition; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws and environmental regulations. The foregoing list of risk factors is not exhaustive. Additional information on other risk factors that could affect the operations or financial results of Oyster are included in reports on file with applicable securities regulatory authorities, and particularly the Company’s most recent Management Discussion & Analysis, which may be accessed on Oyster's SEDAR profile at www.sedar.com.
SOURCE: Oyster Oil and Gas Ltd.
Release ID: 37853