Courtesy of Research Analyst5 Jun 2019 16:16
Inflection Point (II)Tue 22:06Now, for those unaware, Oyster is an upstream oil and gas company with a focus on Eastern Africa. Specifically, the company holds production-sharing contracts with the governments of Djibouti and Madagascar and covers four blocks comprising of 3.5 million acres (onshore and offshore) in Djibouti and a 100% working interest in an onshore block located in northwest Madagascar and covering approximately 2.8 million acres. With a gross NCF of $22 billion and a NPV of circa $10 billion (oil price of $50), both assets have the potential to make new world-class discoveries.
Now, on May 10 2019, Oyster Oil and Gas Ltd released the following announcement:
An Annual General and Special Meeting is to be held on June 7, 2019. In line with this meeting, voting will take place to determine the following resolutions…..
• Item 5 – Settlement Transaction to approve the transfer of all of the share capital of the Company’s wholly-owned subsidiary, Oyster Oil & Gas Limited, to Northbay CapitalPartners Corp. and Gunsynd PLC, in settlement of certain indebtedness.
• Item 6 – Name Change to approve the change of the Company’s name to ZTR Acquisition Corp.
• Item 7 – To approve a consolidation of the Company’s common share capital on a basis to be determined by the Directors, and not to exceed a ratio of twenty-for-one.
Voting Instruction Forms submitted must be received by 10:00 a.m., Pacific Daylight Time, on June 5, 2019.