Oryx Petroleum 3Q Results and 2016 Capital Budget

Oryx Petroleum has announced its financial and operational results for the three and nine months ended September 30, 2015 and its capital expenditure budget for 2016. All dollar amounts set forth in this news release are in United States dollars, except where otherwise indicated.

Financial Highlights:

  • Total revenues of $4.2 million on working interest sales of 170,000 barrels of oil and an average realised sales price of $20.83/bbl for Q3 2015
  • Oil sales to a regional marketer that commenced in March 2015 have continued on a regular basis with full cash payment received for all sales in the nine month period ended September 30, 2015
  • Net loss of $316.7 million ($2.56 per share) in Q3 2015 versus $1.6 million ($0.01 per share) in Q3 2014, including a $310.8 impairment charge related to the Hawler, Wasit and OML 141 license areas
  • Capital expenditure of $31.8 million for Q3 2015 including $30.6 million in the Hawler license area
  • Revised forecasted full-year 2015 cash capital expenditures of $107 million including $23 million in Q4 2015. Fourth quarter expenditures to include the re-completion of the Demir Dagh-3 well in the Jurassic reservoir and the re-completion of two wells currently producing from the Demir Dagh Cretaceous reservoir in the Hawler license area
  • $35.0 million of cash and cash equivalents as of September 30, 2015
  • $50.0 million of $100 million credit facility provided by The Addax & Oryx Group P.L.C. ("AOG") remains undrawn

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