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Hawler License Area Operations Update

Source: www.gulfoilandgas.com 9/9/2013, Location: Middle East

Oryx Petroleum Corporation Limited (Oryx Petroleum) announced an update on its activities in the Kurdistan Region of Iraq.

CEO`s Comment, Oryx Petroleum`s Chief Executive Officer, Michael Ebsary, stated:
"We continue to make great progress on all fronts in our Hawler license area. Progress continues towards first production from the Demir Dagh discovery with an early production facility now contracted and we are advancing the balance of our exploration program. Testing of our second exploration well at Zey Gawra will begin in the next few weeks, preliminary indications from the third exploration well at Ain Al Safra are encouraging and we will spud our fourth and possibly most significant exploration well at Banan in the next two weeks. The coming months in Kurdistan should be exciting as we continue to unlock the potential we see in the Hawler license area."

Hawler License Area
- Demir Dagh Discovery: Contract Signed for Early Production Facility
Oryx Petroleum recently agreed to lease an Early Production Facility (EPF) from Expro, an international oilfield services company specializing in well flow management (www.exprogroup.com). The facility will have multiple trains with the ability to process light, heavy, sweet or sour crudes types. The lease period is expected to be two years with options to purchase at any point during the lease. The EPF will have an initial capacity of 25,000 bbl/d and will be re-engineered to a capacity of 40,000 bbl/d. The facility is expected to be in place in Q1 2014 with first production planned for Q2 2014. The EPF may also be utilized for the appraisal of the other outlying prospective fields Banan and Zey Gawra.

Site preparation has commenced for the EPF which will be located 150 metres from the DD-2 well site and 500 metres from the Khurmala to Faysh Khabur pipeline that is expected to be completed by the end of 2013. A truck tanker loading station with initial capacity of 10,000 bbl/d will also be constructed 9.5 kilometres from the EPF near the main highway to facilitate domestic sales.

- Banan Prospect: Spudding of BAN-1 Exploration well and Additional Seismic Acquisition
Oryx Petroleum expects to spud the BAN-1 well, its fourth exploration well in the Hawler license area, targeting the Banan prospect in the next two weeks. The KS Discover-1 rig has completed its move off the ZEG-1 well site to the BAN-1 site and is preparing to spud. The BAN-1 well is targeting oil potential in the Cretaceous, Jurassic and Triassic and is expected to reach total depth of 4,153 metres in Q1 2014.

Netherland, Sewell & Associates, Inc. (NSAI), an independent oil and gas consulting firm, estimates as of March 31, 2013 that the Banan prospect contains 196 MMbbl of unrisked gross (100%) prospective resources (risked: 102 MMbbl). NSAI`s estimate excludes a significant portion of the Banan prospect that was outside the Hawler license area boundaries prior to the December 2012 boundary extension. Mobilisation is underway for a seismic campaign to acquire approximately 210 kilometres of 2D seismic covering the extended portion of the license area that will enable the Corporation to better understand and map the Banan structure.

The BAN-1 well will be drilled approximately eight kilometres from the DD-2 well site. The Corporation is seeking to establish the presence of hydrocarbons in the Banan structure and the distribution of hydrocarbons across the shared spillpoint between the Demir Dagh and Banan anticlines. The results of the BAN-1 well could significantly impact development plans for the Demir Dagh field.

- Zey Gawra Prospect: Commencement of Testing of Zey Gawra Exploration Well (ZEG-1)
As previously reported, the ZEG-1 well reached a total depth of 4,398 metres in early August. Oryx Petroleum has recently brought in a third rig, the Romfor 22 rig, to the Hawler license area, and has moved it on to ZEG-1 to commence the testing program. Based on logging of hydrocarbon bearing zones the Corporation intends to test four zones with one additional test contingent on results of the fourth test. Depending on how many tests are conducted, the Corporation expects the testing program to be completed in Q4.

The ZEG-1 well is targeting oil potential in the Cretaceous, Jurassic and Triassic. NSAI estimates as of March 31, 2013 that the Zey Gawra prospect contains 23 MMbbl of unrisked gross (100%) prospective resources (risked: 9 MMbbl).

- Ain Al Safra Prospect: Progress of Ain Al Safra Exploration Well (AAS-1)
As previously reported, the Sakson Hilong 10 rig spudded an exploration well targeting the Ain Al Safra prospect in the Hawler license area in early June. The AAS-1 well is targeting oil potential in the Cretaceous, Jurassic and Triassic. NSAI estimates as of March 31, 2013 that the Ain Al Safra prospect contains 225 MMbbl of unrisked gross (100%) prospective resources (risked: 44 MMbbl).

The AAS-1 well has reached depth of approximately 3,000 metres in the lowermost Jurassic. The AAS-1 was originally scheduled to drill to a total depth of 3,700 metres in Q4 2013. Based on logging information and observations during drilling the Cretaceous reservoir has been deemed wet. However, in the lower Jurassic reservoirs, free oil on the shakers and sizable losses of drilling fluids have been observed with significant quantities of oil flowing to surface while drilling. Based on these observations during drilling and logging information, testing of at least three zones in the lower Jurassic is planned.

Very heavy losses of drilling fluids were experienced at current total depth, which is symptomatic of a significant permeable fracture system. The losses and related absence of drilling fluids caused the bottom hole assembly (BHA) to become stuck. Attempts to free the BHA to date have been unsuccessful. The Corporation now plans to secure the well and test the lower Jurassic reservoirs. Further drilling into the Triassic will be dependent on the testing of the lower Jurassic reservoirs. The lower Jurassic testing is expected to commence in the next two weeks and conclude in early Q4.

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