Oryx Petroleum Reveals Kurdistan Plans

By John Lee.

Bloomberg reports that Oryx Petroleum Corp. (OXC) is to drill a well at its Banan site in Iraqi Kurdistan in the third quarter.

The company, Canada’s newest publicly traded oil explorer, is hoping to find out of the site has the same type of reserves as its Demir Dagh discovery, which has 160 million barrels of proved and probable reserves and 200 million of contingent resources.

CEO Michael Ebsary (pictured) told Bloomberg:

The fact that it looks like it could be a joined-up structure is that much more exciting and could mean we have one of the most significant structures in Kurdistan ... We go after a large accumulation of reserves in one location. That is what does attract big players who can pay big checks.

He added that the company expects to produce about 10,000 barrels of oil per day in the first half of 2014, rising to about 30,000 barrels by the end of 2014 and 100,000 in two to three years.

(Source: Bloomberg)

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