Oyster Oil and Gas Closes First Tranche of Financing for Djibouti, Madagascar Operations

Oyster Oil and Gas Ltd has announced that it has closed the first tranche of its previously announced non-brokered $850,000 on private placement financing.

The Company currently expects to close a second and final tranche of the Financing for gross proceeds of approximately $450,000 on or before June 5, 2017 with net proceeds from the Financing to be used by the Company for working capital in Djibouti and Madagascar.

Oyster is an upstream oil and focuses on Eastern Africa and 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.