Madagascar: Oyster acquires onshore block interest

Oyster Oil & Gas Ltd., Vancouver, BC, has acquired from Candax Energy Inc., Toronto, a 10% working interest in Block 1101 onshore northwestern Madagascar.

Operated by Afren PLC, which holds the other 90% working interest, Block 1101 covers 3.7 million acres. Since 2006 airborne gravity and magnetic surveys and 430 line-km of 2D seismic have been acquired as well as extensive geological field work and mapping undertaken on the block.

A number of substantial prospects and leads have been identified mainly in the potential Triassic and Jurassic sandstone reservoir formations, Oyster said.

Oyster Oil & Gas also holds a production-sharing contract with the government of Djibouti with respect to four blocks totaling 3.5 million acres onshore and offshore in Djibouti.

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