RH.is preparing for an onshore seismic campaign in Djibouti. Invitations to tender have been issued and an independent environmental impact assessment report has been commissioned.
Oyster Oil has identified a large unexplored sedimentary basin located in Block 1, onshore Djibouti. The basin is located close to the coast and is also quite near to the capital, Djibouti City, and thus, to the excellent infrastructural capacity of the port, road, rail, and air networks of Djibouti, one of East Africa's major international transportation hubs.
Oyster Oil holds 100% equity in both onshore and offshore blocks in Djibouti. Oyster Oil will also be seeking to acquire an offshore 2D seismic survey subject to identifying with a suitably qualified contractor.
Dr. Phil Roach, Oyster's Head of Exploration, commented, "We are tendering for a 2D seismic survey of up to approximately 200 line kilometres over the mapped Mesozoic sedimentary basin (Jurassic and Cretaceous) in Block 1. Oyster Oil has conducted extensive field studies and various surveys over the last few years and believes that Djibouti has the potential to mirror the highly prolific hydrocarbon reserves/production potential that exists across the narrow Red Sea/Gulf of Aden Rift in Yemen."
About Oyster Oil and Gas Ltd.
Oyster is an upstream oil and gas company with a focus on Eastern Africa. Oyster holds production sharing contracts interests with the Government of Djibouti and the Government of Madagascar. Oyster is the Operator and holds four blocks comprising approximately 3.5 million acres onshore and offshore in Djibouti. Oyster also holds a 100% working interest and is the Operator of an onshore block located in northwest Madagascar covering approximately 2.8 million acres.
For further information, please contact:
Emily Davis, Corporate Secretary
Tel: (604) 628-5616
Fax: (604) 662-7950
This news release contains statements about the Company's expectations regarding the completion of the Settlement and the benefits of the Frankfurt Stock Exchange listing that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements and there can be no assurance that such expectations will prove to be correct. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to complete the Settlement for any reason whatsoever, including failure to obtain TSX-V acceptance, or the Frank Stock Exchange listing not providing increased trading liquidity or investment by European investors. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
This news release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any "U.S Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of the Corporation. The securities of the Corporation have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accept responsibility for the adequacy or accuracy of this news release.
SOURCE: Oyster Oil and Gas Ltd.
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