Oryx Petroleum Loses $423m in 2015

Oryx Petroleum Corporation has announced its financial and operational results for the year ended December 31, 2015. All dollar amounts set forth in this news release are in United States dollars, except where otherwise indicated.

2015 Financial Highlights:

  • Total revenues of $20.5 million on working interest sales of 588,200 barrels of oil (“bbl”) and an average realised sales price of $29.20/bbl for 2015
  • Net loss of $423.6 million ($3.43 per common share) in 2015 versus a net loss of $19.0 million ($0.17 per common share) in 2014, including an aggregate of $397.5 in impairment charges during 2015 related to the Hawler, Wasit, OML 141 and Haute Mer A license areas
  • Capital expenditure of $108.7 million in 2015, including $105.5 million in the Hawler license area, versus capital expenditure of $325.9 million in 2014
  • $54.2 million of cash and cash equivalents as of December 31, 2015
  • $100.0 million credit facility provided by The Addax & Oryx Group P.L.C. (“AOG”) in March 2015 fully drawn at December 31, 2015
  • Restructuring of contingent consideration payable to the vendor of the Hawler license area upon declaration of a second commercial discovery such that any amounts payable will be paid in annual instalments over four years with first payment of $14 million expected in 2017

2015 Operations Highlights:

  • Gross (100%) oil production of 922,000 bbl (working interest 599,000 bbl) for the year ended December 31, 2015 versus gross (100%) oil production of 553,000 bbl (working interest 346,000 bbl) for the year ended December 31, 2014
    – 2,500 bbl/d (working interest 1,600 bbl/d) average oil production for the year ended December 31, 2015
    – Production curtailed beginning in April 2015 in order to manage higher than expected water production
  • Five wells capable of production from the Demir Dagh Cretaceous reservoir as of December 31, 2015 with gross (100%) productive capacity estimated to total 2,000 to 4,000 bbl/d
  • Completion and commissioning of the Demir Dagh production facilities in September 2015 representing gross (100%) capacity of 40,000 bbl/d with two trains to process Cretaceous and Jurassic crude production streams
  • Gross (working interest) proved plus probable oil reserves of 238 million barrels as at December 31, 2015 versus 271 million barrels as at December 31, 2014
  • Identification of a new prospect and re-mapping of previously identified prospects in the Haute Mer B license area based on 3D seismic data acquired and processed in 2014 and 2015
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