Oryx Declares Demir Dagh 2 Well in Kurdistan a Commercial Discovery

Oryx Petroleum Corporation Limited (Oryx Petroleum or the Corporation) announced Monday 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.

CEO’s Comment

Commenting today, Oryx Petroleum’s CEO, 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.”

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