Oyster agrees to PSC extension offshore Djibouti

Oyster Oil and Gas has committed to enter Phase 2 of its production-sharing contract with the government of Republic of Djibouti.

Offshore staff

VANCOUVER, CanadaOyster Oil and Gas has committed to enter Phase 2 of its production-sharing contract with the government of Republic of Djibouti.

Phase 2 started March 1 and will last until February 2017. The PSC covers 3.5 million acres (5,469 sq mi) and comprises offshore block 3 and three onshore blocks (1, 2, and 4).

Oyster completed in December ageophysical and gravity survey currently undergoing processing and interpretation. Phase II commitments include 2D seismic acquisition and a drilling obligation.

05/02/2014

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