Oryx Updates on Kurdistan Operations

  • Banan Prospect: Spudding of BAN-1 Exploration well and Additional Seismic Acquisition

Oryx Petroleum expects to spud the BAN-1 well, its fourth exploration well in the Hawler license area, targeting the Banan prospect in the next two weeks. The KS Discover-1 rig has completed its move off the ZEG-1 well site to the BAN-1 site and is preparing to spud. The BAN-1 well is targeting oil potential in the Cretaceous, Jurassic and Triassic and is expected to reach total depth of 4,153 metres in Q1 2014.

Netherland, Sewell & Associates, Inc. ("NSAI"), an independent oil and gas consulting firm, estimates as of March 31, 2013 that the Banan prospect contains 196 MMbbl of unrisked gross (100%) prospective resources (risked: 102 MMbbl). NSAI`s estimate excludes a significant portion of the Banan prospect that was outside the Hawler license area boundaries prior to the December 2012 boundary extension. Mobilisation is underway for a seismic campaign to acquire approximately 210 kilometres of 2D seismic covering the extended portion of the license area that will enable the Corporation to better understand and map the Banan structure.

The BAN-1 well will be drilled approximately eight kilometres from the DD-2 well site. The Corporation is seeking to establish the presence of hydrocarbons in the Banan structure and the distribution of hydrocarbons across the shared spillpoint between the Demir Dagh and Banan anticlines. The results of the BAN-1 well could significantly impact development plans for the Demir Dagh field.

  • Zey Gawra Prospect: Commencement of Testing of Zey Gawra Exploration Well (ZEG-1)

As previously reported, the ZEG-1 well reached a total depth of 4,398 metres in early August. Oryx Petroleum has recently brought in a third rig, the Romfor 22 rig, to the Hawler license area, and has moved it on to ZEG-1 to commence the testing program. Based on logging of hydrocarbon bearing zones the Corporation intends to test four zones with one additional test contingent on results of the fourth test.  Depending on how many tests are conducted, the Corporation expects the testing program to be completed in Q4.

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