Monday, 10 August 2015 09:51 AM
Company Update Partnerships
VANCOUVER, BC / ACCESSWIRE / August 10, 2015 / Oyster Oil and Gas Ltd. ("Oyster") (TSX Venture: OY) on Friday 7th August notified Afren PLC (LSE: AFR) ("Afren") of its failure to meet and maintain the financial obligations for its wholly owned subsidiary EAX Madagascar Limited ("EAX") and has issued a notice of default ("Default") under the terms of the obligations for Block 1101 in Madagascar.
Afren has 30 days to remedy the Default after which its Participating Interest will transfer to Oyster.
During the Default Period, Oyster will undertake the duties of the Operator as defined in the Production Sharing Agreement.
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 holds four blocks comprising approximately 3.5 million acres onshore and offshore in Djibouti; and holds a working interest in an onshore block in Madagascar covering approximately 2.8 million acres.
For further information please contact:
Martin Bajic, Chief Financial Officer
Tel: (604) 628-5621
Fax: (604) 662-7950
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Oyster Oil and Gas Ltd.