VANCOUVER, BC / ACCESSWIRE / November 30, 2017 / Oyster Oil and Gas Ltd. ("Oyster" or the "Company") (TSX-V: OY, FSE: 13L) is pleased to announce that the Presidential Decrees have been signed confirming the appointment of Oyster as Operator holding a 100% Working Interest in Block 1101 and also the grant of an extension of the current exploration phase to July 2019.
In addition, the Oyster technical team has completed additional geological field work during the second half of November, collecting samples and further structural measurements. Potentially, high quality Jurassic source rocks were found close to one of Oyster's main prospects and will be sent for laboratory analysis. However, a decision has been made to defer the FTG survey until 2018, due to the impending cyclone season, the need to integrate the latest fieldwork into the structural models, and also to allow for some further clarification on the permitting for an expanded survey.
Michael Wood, CEO, commented, "We are delighted the Presidential Decrees have been signed. A great deal of progress has been achieved by the team, but the delays in commencing the FTG survey have caused us to review the timing and scope of the proposed survey. We expect to re-initiate the survey in 2018 subject to scheduling and availability of AustinBridgeporth personnel and equipment."
About Oyster Oil and Gas Ltd.
Oyster is an upstream oil and gas 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 100% working interest and is the operator of an onshore block located in northwest Madagascar covering approximately 2.8 million acres.
For further information, please contact:
Emily Davis, Corporate SecretaryTel: (604) 628-5616Fax: (604) 662-7950
This news release contains statements about the Company's expectations regarding the completion of the Settlement and the benefits of the Frankfurt Stock Exchange listing that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements and there can be no assurance that such expectations will prove to be correct. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to complete the Settlement for any reason whatsoever, including failure to obtain TSX-V acceptance, or the Frank Stock Exchange listing not providing increased trading liquidity or investment by European investors. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
This news release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any "U.S Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of the Corporation. The securities of the Corporation have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.
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SOURCE: Oyster Oil and Gas Ltd.