Oryx Petroleum Announces Extension of Filing Deadline and Other Developments

Source Company Press Release
Company Forza Petroleum Limited, Zeg Oil and Gas Ltd
Tags Corporate: Overview/Strategy, Country: Canada, Iraq, Upstream: Drilling Activity, Upstream News
Date August 12, 2020

Oryx Petroleum Corporation Limited ("Oryx Petroleum" or the "Corporation") today announces that, pursuant to the exemption provided in Alberta Securities Commission Blanket Order 51-519 – Temporary Exemption from Certain Corporate Finance Requirements with Deadlines during the Period from June 2 to August 31, 2020 published on May 20, 2020 and the equivalent substantively harmonized temporary exemptions in other jurisdictions (collectively, the "Filing Relief"), it will postpone the filing of its interim consolidated financial statements and management's discussion and analysis for the three and six month periods ended June 30, 2020 (together, the "Interim Documents").

According to the Filing Relief, a person or company required to make certain filings during the period from June 2, 2020 to August 31, 2020 has an additional 45 days from the deadline otherwise applicable to make the filing. Oryx Petroleum expects to file its Interim Documents no later than September 9, 2020.

The Corporation confirms that its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 –  Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions, and will be in a black-out period until the end of the second trading day after the Interim Documents have been filed and financial results have been disclosed by way of a news release.

As required by the Filing Relief, Oryx Petroleum discloses the following material business developments since June 22, 2020, the date of filing of its interim financial statements for the three month period ended March 31, 2020:

  • As disclosed in the Corporation's news release of July 24, 2020, Zeg Oil and Gas Ltd. acquired control of the Corporation from AOG Upstream BV on July 23, 2020. As part of securing consent for the change in control of the Corporation's interest in the Hawler license area from the Ministry of Natural Resources of the Kurdistan Region of Iraq, the Corporation has agreed to amend certain terms of the Production Sharing Contract governing the Hawler license area.

  • As disclosed in the Corporation's news release of July 23, 2020, the Corporation and AOG International Holdings Limited ("AOG") settled in full the loan from AOG through the transfer by the Corporation to AOG of the shares of OP AGC Central Limited, the former wholly-owned subsidiary of the Corporation that holds the interest in the  AGC Central license area. The loan balance (including accrued and unpaid interest) at the time of settlement amounted to US$80,502,266. In connection with granting relief from the disinterested security holder approval and independent valuation requirements of the TSX Company Manual that would otherwise have applied to the transaction, the TSX has initiated a delisting review.

  • Average gross (100%) oil production of 4,000 bbl/d (working interest 2,600 bbl/d) for Q2 2020 versus 11,300 bbl/d (working interest 7,400 bbl/d) for Q2 2019.

  • Production from the Banan field, which had been shut-in since early April 2020, re-started on July 10, 2020.

  • Average gross (100%) oil production for July 2020 was 10,000 bbl/d (working interest 6,500 bbl/d).

  • The Corporation has received full payment in accordance with Production Sharing Contract entitlements for all oil sale deliveries into the Kurdistan Oil Export Pipeline during June 2020.

  • Notwithstanding restrictions related to the COVID-19 pandemic, including the closure of the Corporation's offices to regular activity, Oryx Petroleum continues to safely operate the Hawler license area in the Kurdistan Region of Iraq.
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