Oyster oil and gas will begin drilling in Djibouti and Madagascar in 2015 the first wells by the company since its formation in 2010.
The company that has four blocks in Djibouti measuring 14,400 square kilometers following the PSA signing in September 2011 says it is on the second phase of its exploration where it is processing details from a seismic carried out by the government in 1985 covering 123 kilometers.
Oyster says it is also considering acquiring 2D seismic in the blocks even as it prepares for its maiden drilling.
Over the period 2012 – 2013 Oyster completed gravity & magnetic studies; extensive geology & geochemical fieldwork & analysis that revealed potentially significant section of oil source rock; indicators are in the “late oil window”; un-migrated free oil present in outcrops & a good quality potential reservoir in both Jurassic & Cretaceous sandstones.
From the studies carried out already Oyster says it has come up with early conclusions that the pre-rift Jurassic reservoir sequences, extending regionally across Eritrea, Djibouti, Somalia and into Ethiopia are continuous over the area.
“We are targeting pre rift sediment of Adigala-Guban Jurassic basin in blocks 1 and 4 and a southern extension of red sea basins and also regional Jurassic play,” said vice president Colin Wilson during a presentation in the Eastern Africa Oil,Gas/LNG and Energy conference.
The frontier company also targets its Madagascar block (where it holds 10 percent interest on block 1101 with Afren holding 90 percent) for drilling in the next 12 months according to Wilson with the block having a recoverable oil potential of 2.1 billion barrels of oil in the 11,200 square kilometers.
This will however not be the first wells drilled on the block with a well drilled on block Ankaramy – 1 in 1902 encountering bitumen deposits at less than 200 meters while another on block Ambilobe-1 drilled in 1964, failed to reach the prospective Triassic Isalo formation.
Colin adds that ongoing exploration in previously not ventured areas is part of the company’s strategy to provide a wide range of major oil basin and play types.