Kurdistan Region - Hawler
- Oryx Petroleum has a 65% participating and working interest in, and is the operator of, the Hawler license area.
- The Hawler license area has four structures which are estimated by Netherland, Sewell & Associates, Inc. as of December 31, 2014 to contain a total of 271 MMbbl of gross (working interest) proved plus probable oil reserves, 182 MMbbl of best estimate gross (working interest) contingent oil resources and 111 MMbbl of best estimate unrisked gross (working interest) prospective oil resources (risked: 16 MMbbl) with light and heavy oil prospectivity within multiple reservoirs.
- Successful exploration on the license area and regional analogues has led to discoveries on all four structures.
- In 2014 additional wells were spudded and tested to further appraise the reservoirs and to increase wellhead production capacity. A 3D seismic data acquisition campaign covering a portion of the license area was also completed in 2014 to provide additional information to further refine development plans.
- In June 2014 Oryx Petroleum commissioned its initial Demir Dagh production facilities, with an initial gross (100%) oil production capacity of 5,000 bbl/d, and a truck loading facility capable of handling 20,000 bbl/d. Oryx Petroleum expects to increase production facilities capacity to 25 – 30,000 bbl/d by Q2 2015 and 35 - 45,000 bbl/d by Q4 2015.
- Wasit is a large, underexplored province in east central Iraq in proximity to the super-giant East Baghdad field.
- Oryx Petroleum has a 50% participating interest (40% working interest assuming the Wasit Provincial Government exercises a 20% back-in right) through a jointly owned company with rights for oil exploration operated by Oryx Petroleum.
- The five principal leads identified by Oryx Petroleum to date in the Wasit province are estimated by Netherland, Sewell & Associates, Inc. as of December 31, 2014 to contain 404 MMbbl of best estimate unrisked gross (working interest) prospective oil resources (risked: 78 MMbbl) within large, low relief structures and folded anticlines. Oryx Petroleum believes these structures are similar to the Zagros Fold Belt, which is one of the primary sources of oil currently produced in neighbouring Iran.
- Given continuing political and economic challenges in Iraq, Oryx Petroleum does not expect to commence such significant activity in the near-term.