Oyster Oil and Gas Ltd. announced it has reached agreement with Candax Energy Inc. to acquire its 10 percent Working Interest in Block 1101 onshore Madagascar (Transaction). The Transaction is subject to completion of due diligence, exchange approval and approval of the Government of Madagascar.
Michael Wood, president & CEO commented: "Oyster is very pleased with this acquisition in Madagascar, which we believe holds strategically significant oil exploration potential. Together with Afren PLC, the operator, we will be undertaking a 2013-2014 work program that includes high impact exploration activity and a drilling program scheduled within the next 12 months."
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