Ugh, this is somewhat disheartening news. I really enjoyed Mike Flanagan's OCULUS, and was also somewhat taken by his low-budget supernatural chiller ABSENTIA, so to learn he's doing something like this is a bit of a bummer.
Flanagan will direct OUIJA 2, according to The Hollywood Reporter. (It had previously been announced that he and Jeff Howard would write the film.) The sequel to last year's woeful Platinum Dunes/Blumhouse co-production already has an October 21, 2016 release date, although it's anyone's guess who exactly is looking forward to this film.
Add to that: Annalise Basso, who was featured in the past portions of OCULUS (she was great, by the way), will headline the sequel. The story details are unknown.