News

Oryx Petroleum Announces Steps to Reduce Costs and Secure Operations

27 March 2020

Calgary, Alberta, March 27, 2020

Oryx Petroleum Corporation Limited (“Oryx Petroleum” or the “Corporation”) today announces that it has started implementing cost reductions necessitated by delay of payments for Hawler license area oil sales and current and forecast near-term Brent crude oil prices.

As a first step, the Corporation is restructuring its head office. Notices of termination have been issued to most of the Geneva office staff, including Vance Querio, Chief Executive Officer, and Scott Lewis, Head of Corporate Finance and Planning. Mr. Querio will serve out his extended notice period to ensure a smooth transition of responsibilities. Jean Claude Gandur will continue in his role as executive Chair of the Corporation.

All aspects of the Corporation’s operations are being reviewed to identify further savings.

2020 Capital Program and Operations

In response to continuing risks from the COVID-19 pandemic, and restrictions on the movement of personnel and equipment facing both the Corporation and its contractors, Oryx Petroleum is indefinitely suspending its previously announced 2020 capital expenditure program.

Steps will also be taken in the coming weeks to suspend certain oil production operations to minimize associated risk to personnel, contractors and equipment. These actions are necessary to allow a safe and orderly suspension before local cases of the illness or tightening restrictions implemented by governments around the world, including the Kurdistan Regional Government, to limit further transmission of COVID-19, prevent the Corporation from taking such action.

Oryx Petroleum expects such steps to significantly impact the Corporation’s production rates from the Hawler license area until such operations can be reestablished.