Impact studies under way for AGC drilling

Oryx Petroleum has reduced preparatory drilling costs on the AGC Central License Area offshore northwest Africa by deferring some of the planned outlay to 2020.

Offshore staff

CALGARY, Canada – Oryx Petroleum has reduced preparatory drilling costs on the AGC Central License Area offshore northwest Africa by deferring some of the planned outlay to 2020.

The program includes an environmental and social impact assessment, studies, and license maintenance.

Oryx has completed ranking of its prospect inventory across the area and expects to start drilling after receiving formal approval for the assessment.

In April 2018, a subsidiary of the company entered an agreement to transfer Oryx’s 30% interest in the Haute Mer B license offshore Congo (Brazzaville) to a subsidiary of Total for a package estimated at more than $13 million.

However, the counter-party has not agreed to close the transaction and according to Oryx has purported to terminate the agreement. The company has responded by initiating arbitration and expects the dispute to be resolved within the next 12 months.

05/09/2019

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