Oryx Petroleum Corporation has announced that the Corporation's two largest shareholders have informed the Corporation that Zeg Oil and Gas Ltd. acquired control of the Corporation from AOG Upstream BV on July 23, 2020 in the context of the previously announced transaction.
The acquisition was conditional upon and subsequent to the closing of the Loan Settlement announced by the Corporation on July 23, 2020.
In connection with the change in control, Jean Claude Gandur has resigned from the Board of Directors of the Corporation.
As part of securing consent for the change in control of the Corporation's interest in the Hawler license area from the Ministry of Natural Resources of the Kurdistan Region of Iraq ("MNR"), the Corporation has agreed to amend certain terms of the Production Sharing Contract governing the Hawler license area (pictured).
Specifically, the Corporation has agreed to a 22% reduction in the cost pool related to its interest, and to finance all costs attributed to the 35% interest it does not own for the duration of the development period and without a cap on such financing facility.
Previously, the Corporation was financing only the costs attributable to a 20% interest in the license, to a maximum of US $300 million. The MNR has agreed to waive any rights it has to audit costs incurred up to December 31, 2020.
Depending on actual future revenue and cost profiles, the changes may or may not result in a lower share of future cash flows attributable to the Corporation's interest compared to the applicable terms prior to amendment.
(Source: Oryx Petroleum)