Oyster Issues Default Notice to Afren

Source: www.gulfoilandgas.com 8/10/2015, Location: Africa

Oyster Oil and Gas Ltd. on Friday 7th August notified Afren PLC of its failure to meet and maintain the financial obligations for its wholly owned subsidiary EAX Madagascar Limited ("EAX") and has issued a notice of default ("Default") under the terms of the obligations for Block 1101 in Madagascar.

Afren has 30 days to remedy the Default after which its Participating Interest will transfer to Oyster.

During the Default Period, Oyster will undertake the duties of the Operator as defined in the Production Sharing Agreement.

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


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