Oryx Plots Path to Oil Production

The appraisal drilling program, which includes a third well in early 2014, should further establish the field structure, the extent of hydrocarbon fill and potentially result in an upgrade of the reserves and resources booked in Demir Dagh.

Seismic Acquisition - Acquisition of 3D seismic over the Demir Dagh structure is planned for 2014, which will provide additional information to further refine the full field development plan. A tender process for the seismic acquisition is in progress and acquisition of data is anticipated to begin in mid-2014.

First Production - The Corporation expects the appraisal program to be largely completed by mid-2014 with first production targeted for Q2 2014 from the DD-2 well and the DD-4 appraisal well with gross (100%) production totaling approximately 7,000 to 9,000 bbl/d. It is expected that following the drilling of DD-3, an additional appraisal well and two development wells the EPF will reach gross (100%) production capacity of 25,000 in Q4 2014 and the full gross (100%) production design capacity of 40,000 bbl/d in 2015. The Corporation plans to transport production by truck or through export pipelines.

Demir Dagh Development - Upon a successful appraisal program, the Corporation plans to build a Permanent Production Facility ("PPF") with initial capacity of approximately 100,000 bbl/d. The Corporation plans to continuously drill development wells to increase production capacity in preparation for the commissioning of the PPF in 2016.

Should the Demir Dagh appraisal program result in conversion of possible reserves and/or contingent resources to proved plus probable reserves, the Corporation expects to expand the capacity of the PPF in a modular fashion.

Ain Al Safra (AAS-1) Discovery - As reported on October 24, 2013, initial testing of the AAS-1 well resulted in an oil discovery in the lower Jurassic. Although testing was impaired by the rise of heavy mud in the tubing during the flow periods, the Corporation has decided to proceed with an appraisal well based on the test, interpretation of logging data and observations throughout drilling.