Oryx Petroleum Hits Oil at Banan-2

By John Lee.

Oryx Petroleum has announced that the Banan-2 appraisal well (“BAN-2”) has been spudded in the Hawler license area in the Kurdistan Region of Iraq.

Oryx Petroleum is the operator and has a 65% participating and working interest in the Hawler license area.

Henry Legarre (pictured), Oryx Petroleum’s Chief Operating Officer, stated:

We are very excited to have successfully accelerated the spudding of the BAN-2 appraisal well. This is one of the most important wells we will drill in 2014 as it allows us to assess the multi-hundred million barrel potential up-dip of the Banan-1 exploration well that was successfully tested earlier this year.

"The drilling of BAN-2 and the acquisition of 3D seismic in the next few months should provide us with a better understanding of the full potential of the Banan discovery.

The Sakson Hilong 10 rig spudded the BAN-2 appraisal well approximately 5 kilometres to the North-West of the Banan-1 exploration well (“BAN-1”). As announced on March 12, 2014 oil was successfully flowed in two cased-hole drill stem tests on the BAN-1 exploration well, one in each of the Cretaceous (Shiranish and top Kometan formations) and the Lower Jurassic (Butmah formation). Additionally, the drilling and test results showed the development of additional reservoirs that will be further appraised and tested as part of the appraisal program for Banan.

Prior to the start of the BAN-1 testing program, Netherland, Sewell & Associates, Inc. (“NSAI”) estimated as of December 31, 2013 that the Banan discovery contains low, best and high estimates unrisked gross (100%) contingent oil resources of 5, 40 and 440 MMbbl, respectively, all in the Cretaceous formations.

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