Oryx Plots Path to Oil Production

The well has reached a depth of approximately 2,600 metres in the upper Jurassic and is expected to reach a total depth of 4,153 metres and test in Q1 2014. Logging data, core analysis and observations during drilling in the Cretaceous confirms the presence of hydrocarbons and similar matrix porosity as observed at Demir Dagh but little can be concluded until a testing program is conducted. The Corporation`s analysis and observations to date, although not definitive, indicate that there is a low likelihood that the Banan structure is connected to the Demir Dagh structure.

The Corporation recently completed the acquisition of approximately 210 kilometres of 2D seismic covering the extended portion of the Hawler license area that the Corporation believes will enable it to better understand and map the Banan structure.

Oryx Petroleum`s Chief Executive Officer, Michael Ebsary (pictured), stated:

“The third quarter was another positive one for Oryx Petroleum. In the Kurdistan Region of Iraq we have progressed our appraisal of the Demir Dagh discovery and believe we are a matter of months away from a declaration of commerciality and first production.

"We added to our asset base with two more discoveries at Ain Al Safra and Elephant, are testing the ZEG-1 exploration well, and have spudded two further exploration wells at Banan and Horse.

"Looking ahead, with what we believe is a substantially improved outlook for exports in the Kurdistan Region of Iraq, we are prioritizing our appraisal and development efforts in the Hawler license area while continuing to drill exciting exploration wells in other areas of our portfolio.

"We look forward to growing our reserve base through both appraisal and exploration and achieving first production in 2014.”

(Source: )