SHARE

Oryx Petroleum Corporation announced today  the discovery and testing of crude oil at Ain Al Safra.

The Ain Al Safra discovery will be appraised in 2014 as part of the multi-well appraisal and development drilling program in the Hawler license area, where Oryx Petroleum is the operator and has a 65% participating and working interest.

Henry Legarre, Oryx Petroleum’s Chief Operating Officer, said: “We are very pleased to make a second oil discovery on the Hawler license area. Based on the results of the recently completed test program at Ain Al Safra, we are proceeding with further analysis and appraisal to determine the size and quality of the discovery as well as its potential commerciality. We look forward to working with our partners to appraise this new discovery.”

The Sakson Hilong 10 rig spudded the exploration well targeting the Ain Al Safra prospect, a broad fault-bounded anticline, in the Hawler license area in early June. The AAS-1 well targeted oil potential primarily in the lower Jurassic and Triassic and secondarily in the Cretaceous.

Netherland Sewell & Associates, Inc. estimated as of March 31, 2013 that the Ain Al Safra prospect contained 225 MMbbl of unrisked gross (100%) prospective resources.

Oryx Petroleum is conducting further analysis of the AAS-1 well and intends to drill an appraisal well at Ain Al Safra in 2014. In addition to appraising the discovery in the Alan and Mus formations, appraisal drilling is expected to include the Triassic Kurra Chine formation, which was not possible with the AAS-1 well.

Oryx Petroleum also intends to re-test the Butmah and Adayiah formations where logging information acquired during drilling indicates the presence of fractures.