Oyster to Commence a Multi-Well Coring Program in Block 1101 Madagascar


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TSX.V:OY
07/28/2014 [ACCESSWIRE]

Vancouver, BC / ACCESSWIRE / July 28, 2014 / Oyster Oil and Gas Ltd. ("Oyster" or the "Company") is pleased to announce that the Company has been advised by the Operator, Afren PLC (LSE:AFR) ("Afren") that a contract has been awarded to UK based ALS Oil & Gas Group.  The contract will include a multi-well coring program in Block 1101, onshore Madagascar including the "twinning" of a reported 1902 "discovery", which was the last well to be drilled on the block. The program is designed to achieve a number of objectives including the recovery of some 2,000m (6,500ft) of core samples. 

The Program is scheduled to commence in late August 2014. 

Oyster holds a 10% working interest in Block 1101.

Michael Wood, President and CEO commented: "Oyster is excited about the hydrocarbon potential of Block 1101.  Several exploration targets have been mapped with mean resource volumes estimated to be greater than 2.2 Billion bbls recoverable (un-risked).  The joint venture has been working closely together to define and develop the exploration program for Block 1101 which will include the drilling of a world-class exploration prospect in 2015; the 2014 drilling and coring work forms an integral part of the Block 1101 exploration strategy."

About Oyster Oil and Gas Ltd.

Oyster is an oil and gas exploration company with a focus on Eastern Africa. Oyster holds production sharing contracts interests with the Government of Djibouti and the Government of Madagascar. Oyster holds four blocks comprising approximately 3.5 million acres onshore and offshore in Djibouti; and holds a 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.

SOURCE: Oyster Oil and Gas Ltd.

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