Oyster Oil & Gas Limited has announced that it has signed an agreement with Candax Energy to acquire its 10 per cent working interest in Block 1101 onshore Madagascar
According to the deal, Oyster Oil & Gas will make a total payment of US$1mn in cash and well activities to Candax Energy.
Michael Wood, CEO of Oyster Oil & Gas, said, “We are pleased with this acquisition in Madagascar, which we believe holds strategically significant oil exploration potential. The team has a considerable understanding of Block 1101, having been responsible for the original signing of the production sharing contract with the government of Madagascar in 2006.”
Afren is the operator of the block and the drilling programme is scheduled within the next 12 months, Wood added.
Oyster Oil & Gas also operates four blocks onshore and offshore in the Republic of Djibouti, located in East Africa.
READ MORE...
Oyster Oil & Gas to join Candax Energy on Madagascar onshore block
