Oyster Oil & Gas Ltd.
, Stock Forum
) has commenced an onshore geophysical survey in the Republic of Djibouti. The survey is a regional geophysical program covering some 450 kilometres located in the onshore Blocks one, two and four.
Oyster operates four blocks onshore and offshore in the Republic of Djibouti, which cover some 3.5 million acres.
According to the Oyster Oil & Gas press release
, the company has contracted the Centre d'Etude et de Recherche de Djibouti (CERD) and Imagir of France to undertake the acquisition and processing of magnetotelluric and gravity survey data.
Oyster anticipates that the acquisition and processing will be completed by end of 2013.
"We have been encouraged by our geological and geophysical work in Djibouti and have identified potentially good quality oil source rocks and also good reservoir potential,” said Dr. Phil Roach, Exploration Consultant. “This geophysical survey will help to provide a regional understanding of the deposition and sedimentary basins in Djibouti. This is one of the largest of this type of survey in the region and we hope it will greatly assist in our understanding of the hydrocarbon systems and allow us to unlock the potential in Djibouti."
Oyster is an oil and gas exploration company with a focus on eastern Africa.
On Wednesday, Oyster was up 2.0% and was trading at $0.51 a share. The company had a market cap of $13.3 million, based on 26.1 million shares outstanding.