Oyster Oil - Djibouti Exploration Developments
Suite 918-1030 West Georgia Street
Vancouver, British Columbia Canada V6E 2Y3
Tel .No: (604) 628-5621 ♦ Fax No: (604) 662-7950
TSX-V Trading Symbol: OY
OYSTER OIL - DJIBOUTI EXPLORATION DEVELOPMENTS
Vancouver, British Columbia – 2nd March, 2017 – Oyster Oil and Gas Ltd. ("Oyster" or the
"Company") is pleased to announce that effective 1st March 2017 Oyster has received Government
of Djibouti approval to commence exploration activities under Phase III of the Production Sharing
Contract (“PSC)”. Phase III is for a duration of three years to the end of February 2020.
Technical Update: Oyster has undertaken extensive exploration activities across its four exploration
blocks in Djibouti over the past 5 years, however the main exploration focus in the last year has been
in Block 1 located in the south east of the country . The Block is substantially onshore , but also
includes the adjacent offshore acreage and covers an area of 3,400 Km².
Results of the 2016 airborne gravity and magnetics survey conducted by Bridgeporth indicate that
the target Mesozoic sedimentary basin, which outcrops in the southwest of Djibouti, extends across
most of Block 1 . In January 2017 Oyster ’s technical team with support from Energy Ministry
personnel conducted scouting field trips across this large ‘potential fields area’ to evaluate the scope
for the next phase of exploration activities including an onshore seismic campaign.
Dr Phil Roach, Head of Exploration commented: “Oyster is delighted to proceed to the third
exploration phase in Djibouti, and is grateful to the both the Energy Ministry and CERD for their
continued support. We are targeting a Mesozoic basin which is seen in outcrop in the southwest of
the country, since the Mesozoic basins on the south side of the Gulf of A den were once contiguous
with the prolific hydrocarbon basins in Yemen to the north, prior to the opening of the Gulf of Aden.
Our work programmes over the last 5 years have been thoughtfully designed to de- risk the various
elements involved and have been extremely successful to that end. Geological fieldwork in southwest
Djibouti has already confirmed the presence of Jurassic oil source, reservoir and seal.
The areal extent of the Mesozoic basin in Block 1 remained a major uncertainty, but the results from
the airborne survey surpassed expectations and indicates that the basin does extend throughout most
of Block 1. The airborne survey has also allowed us to high -grade a specific area for seismic
acquisition in the near future.”
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ABOUT OYSTER OIL AND GAS LTD
Oyster is an international oil and gas exploration company with a focus on Eastern Africa. Oyster holds production
sharing contracts interests with the Government of Djibouti and the Government of Madagascar. Oyster holds a 100%
working interest in Bl ock 1101, onshore Madagascar which covers approximately 2.8 million acres.; Oyster also holds
100% of four blocks comprising approximately 3.5 million acres onshore and offshore in Djibouti.
For further information please contact:
Emily Davis, Corporate Secretary
Tel: (604) 628-5616
Fax: (604) 662-7950
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TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.