VANCOUVER, BC / ACCESSWIRE / March 2, 2017 / Oyster Oil and Gas Ltd. ("Oyster" or the "Company") (TSX-V: OY) is pleased to announce that effective 1st March 2017 Oyster has received Government of Djibouti approval to commence exploration activities under Phase III of the Production Sharing Contract ("PSC)". Phase III is for a duration of three years to the end of February 2020.
Technical Update: Oyster has undertaken extensive exploration activities across its four exploration blocks in Djibouti over the past 5 years, however the main exploration focus in the last year has been in Block 1 located in the southeast of the country. The Block is substantially onshore, but also includes the adjacent offshore acreage and covers an area of 3,400 Km².
Results of the 2016 airborne gravity and magnetics survey conducted by Bridgeporth indicate that the target Mesozoic sedimentary basin, which outcrops in the southwest of Djibouti, extends across most of Block 1. In January 2017, Oyster's technical team with support from Energy Ministry personnel conducted scouting field trips across this large 'potential fields area' to evaluate the scope for the next phase of exploration activities including an onshore seismic campaign.
Dr. Phil Roach, Head of Exploration commented: "Oyster is delighted to proceed to the third exploration phase in Djibouti, and is grateful to both the Energy Ministry and CERD for their continued support. We are targeting a Mesozoic basin which is seen in outcrop in the southwest of the country, since the Mesozoic basins on the south side of the Gulf of Aden were once contiguous with the prolific hydrocarbon basins in Yemen to the north, prior to the opening of the Gulf of Aden.
Our work programmes over the last 5 years have been thoughtfully designed to de-risk the various elements involved and have been extremely successful to that end. Geological fieldwork in southwest Djibouti has already confirmed the presence of a Jurassic oil source, reservoir and seal.
The areal extent of the Mesozoic basin in Block 1 remained a major uncertainty, but the results from the airborne survey surpassed expectations and indicates that the basin does extend throughout most of Block 1. The airborne survey has also allowed us to high-grade a specific area for seismic acquisition in the near future."
ABOUT OYSTER OIL AND GAS LTD
Oyster is an international 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 a 100% working interest in Block 1101, onshore Madagascar which covers approximately 2.8 million acres.; Oyster also holds 100% of four blocks comprising approximately 3.5 million acres onshore and offshore in Djibouti.
For further information please contact:
Emily Davis, Corporate Secretary
Tel: (604) 628-5616
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.