Oryx Petroleum reports the following business developments in the Kurdistan Region of Iraq since May 13, 2020:

• Average gross (100%) oil production for May 2020 was 3,800 bbl/d (working interest 2,500 bbl/d).
• Work is underway to resume production from the Banan field of the Hawler license area in the Kurdistan Region of Iraq in Q3 2020.
• The Corporation has received payment in accordance with Production Sharing Contract entitlements for all oil sale deliveries into the Kurdistan Oil Export Pipeline during April 2020. The Corporation expects the Ministry of Natural Resources to settle future monthly sales invoices by the end of the following month.
• Payment for all oil sale deliveries into the Kurdistan Oil Export Pipeline during November 2019 through February 2020 remain outstanding and amount to approximately US$39 million. The Kurdistan Regional Government’s Ministry of Natural Resources has indicated that payment of these outstanding invoices is not expected in 2020 and has not yet specified any terms or conditions for repayment.
• Notwithstanding restrictions related to the COVID-19 pandemic, including restrictions on access to the Corporation’s offices, Oryx Petroleum continues to safely operate the Hawler license area in the Kurdistan Region of Iraq.

KeyFacts Energy: Oryx Petroleum Iraq country profile