Oyster Oil and Gas (OY-V) March 26, '14 has committed to enter into phase II of the production-sharing contract (PSC) with the government of Djibouti. PSC phase II has an effective date of March 1, 2014, and is for a three-year duration ending February, 2017. The PSC covers three onshore blocks, blocks 1, 2 and 4, as well as one offshore block, Block 3, covering in total approximately 3.5 million gross acres. Oyster holds 100 per cent of the four blocks.
Oyster completed a geophysical and gravity survey in December, 2013. Processing and interpretation are currently under way, and the results are expected in Q2 2014. Oyster will be initiating its phase II work program in April, 2014, with additional geological fieldwork studies. The PSC phase II includes work program commitments to complete a 2-D seismic acquisition and a drilling obligation. |
