Oyster Oil announced the formal signing of a Production Sharing Agreement ("PSA") between the Government of the Republic of Djibouti ("Djibouti") and Oyster Oil.
The PSA covers four blocks: Blocks 1, 2, and 4 are located onshore and Block 3 is located offshore. These blocks are situated within the potentially prospective Guban Basin and Red Sea Basin covering a total area of approximately 14,100 km(2) (approximating to 3.5 million acres). The Guban Basin also extends into Somaliland where there is strong evidence of an active hydrocarbon system with numerous oil seeps and where oil has been recovered from wells drilled in previous decades; significantly there are also excellent analogues with the large and prolific Jurassic oil fields located nearby in Yemen. The Red Sea Basin also provides evidence of oil generation, migration pathways and trapping, with several discoveries in the Northern area of the Red Sea Basin.
Oyster Oil holds a 100% working interest and is the Operator of Blocks 1, 2, 3 and 4. A comprehensive work program will be commenced to evaluate the exploration potential of these blocks.
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