Oyster Oil & Gas Ltd., Vancouver, BC, reached agreement to acquire the 10% interest held by Candax Energy Inc., Toronto, in Block 1101 onshore Madagascar.
The deal is subject to completion of due diligence, exchange approval, and Madagascar government approval.
Oyster said that along with Afren PLC, operator of Block 1101, it will be “undertaking a 2013-14 work program that includes high impact exploration activity and a drilling program scheduled within the next 12 months.”
Oyster is operator of four onshore and offshore blocks that total 3.5 million acres in Djibouti. It also has the option to acquire as much as a 60% interest in the Kalum property in British Columbia.