Oryx Petroleum Corporation Limited (TSX:OXC) announced its oil reserves and resources as at December 31, 2017.

Highlights are as follows:

  • Proved plus probable oil reserves of 122 million barrels (“MMbbl”) versus 202 MMbbl as at December 31, 2016:
    Significant decrease of volumes attributable to the Zey Gawra Cretaceous reservoir based on logging results and performance data of the Zab-1 sidetrack well drilled in 2017
    Decrease of volumes attributable to the Demir Dagh and Banan Cretaceous reservoirs based on performance data from existing Demir Dagh Cretaceous wells
  • After-tax net present value of future net revenue related to proved plus probable oil reserves of US$ 704 million(1) versus US$ 1.0 billion( ) as at December 31, 2016:
    Lower volumes, forecasted Brent crude oil prices and assumed export oil prices partially offset by impact of production sharing contract mechanics
  • Best estimate (2C) unrisked contingent oil resources attributable to the Hawler license area of 148 MMbbl as at December 31, 2017 versus 140 MMbbl as at December 31, 2016:
    Best estimate (2C) risked contingent oil resources sub-classified as development pending of 47 MMbbl as at December 31, 2017 versus 42 MMbbl as at December 31, 2016
  • After-tax risked net present value of future net revenue of US$ 106 million(1) as at December 31, 2017 versus US$ 71 million(2) as at December 31, 2016
  • Best estimate unrisked prospective oil resources of 3,750 MMbbl as at December 31, 2017 versus 853 MMbbl as at December 31, 2016
    Upward revision of estimates for the AGC Central license area

Vance Querio, CEO, commented:

We are pleased to report our reserves and resources at year end 2017 as evaluated by NSAI. Our proved plus probable oil reserves estimates and associated after-tax net present value of future net revenue have been impacted by a modestly lower long term oil price outlook, a significant downward revision of reserve volumes attributable to the Zey Gawra Cretaceous reservoir, and downward revisions to reserve volumes attributable to the Demir Dagh and Banan Cretaceous, and the Demir Dagh Jurassic, reservoirs. More positively, the remapping of prospects based on initial interpretation of 3D seismic data acquired and processed in 2017 has resulted in a more than tenfold increase in prospective oil resources attributable to the AGC Central license area. We look forward to an active drilling program in 2018 in the Hawler license area that should allow a more fulsome assessment of the potential of that license area and

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