Oyster Closes Acquisition of Block 1101 in Madagascar

Source: www.gulfoilandgas.com 10/24/2013, Location: Africa

Further to the news release dated September 6, 2013, Oyster Oil and Gas Ltd is pleased to announce it has closed the transaction with Candax Energy Inc. ("Candax") to acquire a 10% working interest in Block 1101 located onshore Madagascar (the "Transaction").

Michael Wood, President & CEO, commented: "Oyster is very excited to complete the purchase of the Madagascar acquisition and we look forward to working with both Afren plc and the Government of Madagascar as we develop this world class potential exploration play."

Background information on Block 1101, Onshore Madagascar & Afren plc.:
Block 1101 is located onshore in the north western part of Madagascar and the PSC covers an area of some 15,000km˛ (3.7 million acres). Since 2006 airborne gravity and magnetic surveys and some 430km 2D seismic have been acquired as well as extensive geological field work and mapping undertaken. A number of substantial prospects and leads have been identified mainly in the potential Triassic and Jurassic sandstone reservoir formations. Afren plc. is listed on the London stock markets and is a highly successful E&P company with a strong African focus; the current market capitalization of Afren is approximately $2.5 Billion. Afren holds a 90% Working Interest in Block 1101.

For more information about related Opportunities and Key Players visit East Africa Projects


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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