Oryx announces successful results of BAN-1 Exploration Well in Kurdistan Region of Iraq
Fourth Consecutive Discovery in Hawler License Area
Oryx Petroleum Corporation Limited (“Oryx Petroleum” or the “Corporation”) today announces that the successful testing of the BAN-1 exploration well has confirmed the Corporation´s fourth consecutive oil discovery in the Hawler license area in the Kurdistan Region of Iraq. Oryx Petroleum is the operator and has a 65% participating and working interest in the Hawler license area.
Commenting today, Henry Legarre, Oryx Petroleum’s Chief Operating Officer, stated:
“We are very pleased with the drilling and test results of the BAN-1 exploration well. We successfully flowed oil from the well´s primary targets in the Cretaceous and Lower Jurassic reservoirs. In addition, we encountered and flowed hydrocarbons to the surface in the Triassic Kurra Chine formation and established the presence of hydrocarbons in the Tertiary Pila Spi formation. Given the down-dip location of the well, these results underline the significant potential that exists up-dip of the BAN-1 well. We are now accelerating plans to drill an appraisal well targeting the crest of the Banan structure in order to better understand the full potential of this discovery.”