$100m New Funding for Oryx Petroleum

2015 Capital Expenditure Forecast

The forecast capital expenditures for 2015 is now $140 million, of which $125 million is proposed for use in the Hawler license area, comprising:

• $48 million for the completion of the Demir-Dagh EPF and the tie-in to the KRI-Turkey export pipeline;
• $54 million for development drilling, including 5 development wells at Demir-Dagh in the second half of 2015 (at least three of which are expected to be sidetrack wells, being DD-6, DD-8 and DD-11);
• $4 million for the processing of 3D seismic data acquired in 2014; and
• $19 million for personnel costs, PSC compliance costs and local office costs.

As at December 31, 2014, Oryx Petroleum had approximately $110 million of cash on hand. The Group's updated 2015 capital expenditure forecast has been developed on the basis that current cash together with the $100 million credit facility from AOG will fund forecast 2015 capital expenditures and other general and administrative expenses.

AOG Funding Commitment

AOG has committed to provide $100 million of funding to Oryx Petroleum in the form of an unsecured credit facility in order to ensure Oryx Petroleum has financial flexibility in undertaking its work program for 2015.

A summary of key terms of the credit facility is set out below: