Declaration of Commercial Discovery enables Early Production from the Hawler License Area
CALGARY, Feb. 10, 2014 /CNW/ - Oryx Petroleum Corporation Limited ("Oryx Petroleum" or the "Corporation") today announces that it has submitted a letter to the Kurdistan Regional Government of Iraq ("KRG") and to the members of the Management Committee for the Hawler License Area, advising that Oryx Petroleum has determined that the Demir Dagh 2 well discovery is a Commercial Discovery pursuant to the terms of the Hawler Production Sharing Contract.
Oryx Petroleum is currently undertaking an extensive appraisal program in relation to the full Demir Dagh field, and will continue to undertake such appraisal activities through 2014, however, the Corporation has elected to declare commerciality at this time as it is proceeding to install and operate an early production facility on the Demir Dagh field, with production intended to commence in the second quarter of 2014.
Commenting today, Oryx Petroleum's Chief Executive Officer, Michael Ebsary, stated:
"We are very proud to declare commerciality for Demir Dagh and thus achieve another key milestone on our march towards first production and appraisal and development of the field. To declare commerciality for the field less than a year after discovery is a major achievement for our company and our partners in the Hawler License Area. We expect the rapid development of Demir Dagh to provide significant benefit to our stakeholders and to the people of Iraq."
ABOUT ORYX PETROLEUM CORPORATION LIMITED
Oryx Petroleum is an international oil exploration company focused in Africa and the Middle East. The Corporation's shares are listed on the Toronto Stock Exchange under the symbol "OXC". The Oryx Petroleum group of companies was founded in 2010 by The Addax and Oryx Group Limited and key members of the former senior management team of Addax Petroleum Corporation. Oryx Petroleum has interests in six license areas, two of which have yielded oil discoveries and four of which are prospective for oil. The Corporation is the operator or technical partner in four of the six license areas. Two license areas are located in the Kurdistan Region and the Wasit governorate (province) of Iraq and four license areas are located in West Africa in Nigeria, the AGC administrative area offshore Senegal and Guinea Bissau, and Congo (Brazzaville). Further information about Oryx Petroleum is available at www.oryxpetroleum.com or under Oryx Petroleum's profile at www.sedar.com.
Reader Advisory Regarding Forward-Looking Information
Certain statements in this news release constitute "forward-looking information", including statements related to the Corporation's appraisal and development plans and schedules, future drilling of new wells, plans for production, and the expected benefits to the Corporation's stakeholders, and statements that contain words such as "may", "will", "could", "should", "anticipate", "believe", "intend", "expect", "plan", "estimate", "potentially", "project", or the negative of such expressions and statements relating to matters that are not historical fact, constitute forward-looking information within the meaning of applicable Canadian securities legislation.
Although Oryx Petroleum believes these statements to be reasonable, the assumptions upon which they are based may prove to be incorrect. Forward-looking information is subject to known and unknown risks and uncertainties which may cause actual results or events to differ materially from those anticipated in the forward-looking information and statements if the assumptions underlying them prove incorrect, or if one or more of such risks or uncertainties materializes. Such assumptions, risks and uncertainties are discussed in detail in filings made by the Corporation with Canadian securities commissions, including the Corporation's Information Form dated December 19, 2013.
Although the Corporation believes that the expectations conveyed by the forward-looking information are reasonable based on information available to it on the date such forward-looking information was made, no assurances can be given as to future results, levels of activity and achievements. Readers should not place undue importance or reliance on the forward-looking information and should not rely on the forward-looking information as of any date other than the date hereof. Further, statements including forward-looking information are made as at the date they are given and, except as required by applicable law, Oryx Petroleum does not intend, and does not assume any obligation, to update any forward-looking information, whether as a result of new information or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
SOURCE Oryx Petroleum Corporation Limited