Oryx Petroleum 3Q Results and 2016 Capital Budget

Operations Highlights:

  • Gross (100%) oil production averaged 2,800 bbl/d for the three months ended September 30, 2015 with production achieved on 97% of the days in the period. Gross (100%) oil production averaged 1,500 bbl/d for the month of October with two wells shut-in due to high levels of water production
  • Commissioning of the Hawler production facilities representing gross (100%) capacity of 40,000 barrels per day with two trains to process Cretaceous and Jurassic crude production streams. The de-commissioning of temporary processing facilities has also been completed
  • Pipeline infrastructure is in place to export oil via the Kurdistan Region of Iraq (KRI) to Turkey export pipeline with final commissioning to occur when oil production volumes justify export by pipeline
  • The Corporation has contracted the TTS-150 rig from International Oil Tools ("IOT") to commence drilling/re-completion activities in the Hawler license area in the coming weeks. The Corporation plans to re-complete the Demir Dagh-3 well in the Jurassic reservoir and two existing wells in the Demir Dagh Cretaceous reservoir before year end 2015
  • The gross (100%) oil production exit rate for 2015 from the Hawler license area is not expected to be substantially above October 2015 production levels as the impact of the 2015 re-completion activities are not expected to contribute to production until early 2016

5 Responses to Oryx Petroleum 3Q Results and 2016 Capital Budget