Oil and Gas

Oyster Oil & Gas Limited reported the formal signing of a Production Sharing Agreement between the Government of the Republic of Djibouti and the company.

Oyster Oil & Gas Limited reported the formal signing of a Production Sharing Agreement between the Government of the Republic of Djibouti and the company.

The market news is quoted as saying:

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 km² (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.

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