Canada's youngest publicly traded oil venture company, Oryx Petroleum Corp., is examining whether or not a property near its main Kurdistan development has identical natural reserves.
Oryx is planning to drill in the next three months another well at its Banan site after spending time in geological surveys. This drilling venture may well have the same type of discovery to its Demir Dagh site in the semi-autonomous part of Iraq , Chief Executive Officer of Oryx Petroleum Michael Ebsary, 52, said.
"The fact that it looks like it could be a joined-up structure is that much more exciting and could mean we have one of the most significant structures in Kurdistan. We go after a large accumulation of reserves in one location. That is what does attract big players who can pay big checks," Ebsary said in an interview with Bloomberg's Toronto
Oryx Petroleum, based in Calgary with offices in Europe, has seven venture exploration licenses spanning over 10,000 square kilometers mainly on Africa and the Middle East, this exploration sites include their Hawler property near Erbil in Kurdistan. The Demir Dagh site holds about 160 million barrels of proved and possible oil reserves and a further 200 million of contingent resources, according to the executive.
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