Oryx Petroleum Corporation Limited has resumed drilling activities at the Demir Dagh field in the Hawler licence area in the Kurdistan Region of Iraq and has agreed with the vendor of OP Hawler Kurdistan Limited, the subsidiary of the Corporation that holds interests in the Hawler license area, to restructure the contingent consideration payment due upon a second commerciality decision in the Hawler license area.
The TTS-150 rig contracted from International Oil Tools ('IOT') has commenced drilling/re-completion activities at the Demir Dagh field. The rig will first re-complete the Demir Dagh-3 well in the Jurassic reservoir. The re-completed well is expected to produce a 35-40° API gravity crude oil through existing facilities in early 2016. The Demir Dagh-3 re-completion will be followed by the re-completion of three further Demir Dagh wells in shallower zones of the Cretaceous reservoir, which are expected to enhance the wells' current production levels during the first quarter of 2016.