Project Profile
Value: Undisclosed
Location: Hawler license area, Kurdistan region, Iraq
Reserves: 112 million barrels (proved plus probable oil reserves)
Area: unknown
Start-up Year: -
Zey Gawra field is located in the Hawler license area in the Kurdistan Region of Iraq (the Zey Gawra Contracts). It is intended that US$20 million of consideration for work performed under the Zey Gawra Contracts will be paid through the issuance of an additional 50.5 million common shares of Oryx Petroleum. In 2016, Oryx Petroleum Corporation Limited (Oryx Petroleum) and Zeg Oil and Gas Ltd (Zeg Oil) entered into a definitive agreement whereby Zeg Oil subscribed for and issued 75.7 million common shares of the Corporation for consideration of US$30 million. In addition, Oryx Petroleum intends to contract with an affiliate of Zeg Oil for the provision of US$40 million of drilling and other services related to the appraisal and early production of the field. As of December 31, 2015, Netherland, Sewell & Associates, Inc. (NSAI) estimated that the Zey Gawra field contains gross (100%) proved plus probable oil reserves of 112 million barrels, representing 31% of the 366 million barrels of gross (100%) proved plus probable oil reserves attributable to the Hawler license area.
Operators:
Oryx Petroleum Corporation Limited (Oryx Petroleum): Operator with 100% interest
Zeg Oil and Gas Ltd (Zeg Oil): 53%interest in Oryx Petroleum
Contractors:
Netherland, Sewell & Associates, Inc. (NSAI): Reserves estimation studies