Oryx Petroleum Corporation Limited Announces Spudding Of AAS-1 Exploration Well In The Kurdistan Region Of Iraq
CALGARY, June 18, 2013 /CNW/ - Oryx Petroleum Corporation Limited ("Oryx Petroleum" or the "Corporation") (TSX: OXC) today announces that on June 10, 2013 the Sakson Hilong 10 rig (2000 HP) spudded the AAS-1 well in the Hawler license area in the Kurdistan Region of Iraq. The AAS-1 well is targeting the Ain Al Safra prospect which is estimated to contain 225 MMbbl in unrisked gross (100%) prospective oil resources (risked: 44 MMbbl) based on evaluations as of March 31, 2013 made by Netherland, Sewell & Associates, Inc., an independent oil and gas consulting firm providing reserve and resource reports to the worldwide petroleum industry. The AAS-1 well is targeting the deeper light oil potential in the lower Jurassic and Triassic and heavy oil potential in the Cretaceous and is expected to reach total depth of approximately 4,220 metres in the fourth quarter of 2013.
The AAS-1 well is the third exploration well spud in the Hawler license area following the successful DD-2 exploration well targeting the Demir Dagh prospect which was spud in July 2012 and completed testing in March 2013 and the ZEG-1 exploration well targeting the Zey Gawra prospect which was spud in late April 2013 and is expected to reach total depth late in the third quarter of 2013. Oryx Petroleum has a 65% participating and working interest in and is the operator of the Hawler license area.
ABOUT ORYX PETROLEUM
Oryx Petroleum is an international oil exploration company focused in Africa and the Middle East. The Corporation 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 significant interests in seven license areas prospective for oil and is the operator or technical partner in four of the seven license areas. Three 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.Forward-Looking Statements: Certain statements made herein contain forward-looking information, including statements concerning future drilling and other exploration and development activities and the resource potential of Oryx Petroleum's license areas. Although Oryx Petroleum believes these statements to be reasonable, the assumptions upon which they are based may prove to be incorrect. Furthermore, the forward-looking statements contained in this press release are made as at the date of this press release and Oryx Petroleum does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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