ORYX PETROLEUM: AN AFRICA AND MIDDLE EAST ......2015/11/24 · • AOG ownership of ~75% (1) Gross (working interest) proved plus probable oil reserves and best estimate contingent

ORYX PETROLEUM: AN AFRICA AND MIDDLE EAST FOCUSED INDEPENDENT E&P COMPANY

November 2015

► Founded in 2010 • Team previously established, developed and sold Addax Petroleum

► Three oil fields in the Hawler license area (Kurdistan Region of Iraq) • >200 MMbbl 2P Oil Reserves(1) plus significant contingent resource

• Hawler production facilities (40,000 bbl/d(2) ) commissioned Sept. 2015

• Payment received for all 2015 sales through Q3 2015

• October 2015 average oil production of 1,500 bbl/d(2)

• Year end 2016 oil production target of 12,000 – 15,000 bbl/d(2)

► Appraisal and development upside in the Hawler license area • Over 180 MMbbl 2C Oil Resources(1)

• Prospective resources in Tertiary reservoirs

► Exploration upside in West Africa • Senegal/Guinea Bissau and Congo (Brazzaville)

► TSX listed (ticker: OXC) • AOG ownership of ~75%

(1) Gross (working interest) proved plus probable oil reserves and best estimate contingent resources as at December 31, 2014. Gross refers to volumes before applicable PSC deductions.

(2) Gross (100%) processing capacity / oil production.

2

BUILDING A FULL CYCLE E&P COMPANY FOCUSED ON OIL IN

ESTABLISHED HYDROCARBON BASINS

Seven License Areas

3

HAWLER LICENSE (KURDISTAN REGION OF IRAQ)

Four discoveries and first production from Demir Dagh Cretaceous with development of other fields to start in 2016

Working Interests

► 65% Oryx Petroleum (Operator)

► 20% KEPCO (Kurdistan Regional Government)

► 15% KNOC (Korean National Oil Corporation)

► Four discoveries from four exploration wells with first production

in Q2 2014

► Q3 2015 average gross (100%) oil production of 2,800 bbl/d

• All production currently from Demir Dagh Cretaceous

• Current levels impacted by efforts to limit water production

► Appraisal and development of Demir Dagh Jurassic to

commence in late 2015 and Zey Gawra Cretaceous to

commence in 2016

(1) The oil reserves data is based upon an evaluation by NSAI with effective date as at December 31, 2014.

Volumes are based on commercially recoverable volumes within the life of the production sharing contract.

(2) Based on an update prepared by NSAI dated September 28, 2015 regarding the YE 2014 evaluation of oil

reserves. NSAI’s assessment is a sensitivity analysis and does not represent a full reserves evaluation. See

Material Change Report dated September 29, 2015 filed on SEDAR.

(3) Gross refers to volumes before applicable PSC deductions.

Wells

Completed

Appraisal

Discovery

Planned Appraisal

Discovery: Oct 2013

Discovery: Dec 2013

Discovery: Feb 2013

Discovery: Mar 2014

2014 NSAI

Reserves Report(1)

2015 NSAI

Sensitivity Letter(2)

Gross(3) (100%) Proved Plus Probable Oil Reserves % Confirmed

Field (MMbbl) (MMbbl)

Demir Dagh

Cretaceous 134 92 69

Jurassic 72 68 92

Zey Gawra

Cretaceous 112 112 100

Banan

Cretaceous 98 60 61

Total† 417 332 79%

4

HAWLER LICENSE: FIELD DEVELOPMENT PLAN

Tertiary & Cretaceous

Reservoirs

Jurassic Reservoirs

Possible Triassic Reservoirs

Ain Al-Safra

220 km2

Zey Gawra

160 km2 Demir Dagh

197 km2

Relinquished Area

850 km2

AAS-1

BAN-2

BAN-1

ZAB-1

ZEG-1

DD-3&9

DD-10&11 DD-2 DD-5

DD-7

DD-8 DD-4

AAS-2

Banan

211 km2

Demir Dagh (Cretaceous) ► First oil production achieved in 2014

► Q3 2015 average gross (100%) oil

production of 1,500 bbl/d

► Medium grade crude (22º API average)

with very small quantities of gas and H2S

► Matrix and fracture porosity

► Facilities in place with additional wells to

be drilled in 2015/2016

Gross (100%) 2P Reserves: 92 MMbbls(1)

Demir Dagh (Jurassic) ► Two wells drilled with two DSTs

► Light crude (28-32º API) with gas and H2S

treatment required

► Fracture porosity only

► First oil targeted late 2015 / early 2016


Zey Gawra (Cretaceous) ► One well drilled to date with full suite

of test, logging, MDT data

► Light sweet crude (35º API)


► Appraisal and development set to

commence with first oil targeted 2H 2016

Gross (100%) 2P Reserves: 112 MMbbls(1)(2)

Four key reservoirs with distinct characteristics to be developed with Demir Dagh as processing hub

Banan (Cretaceous) ► Two wells drilled to date with one DST

► Medium grade crude similar to Demir

Dagh Cretaceous (~20º API)


► First oil targeted 2017


(1) As at December 31, 2014 per sensitivity assessment conducted by Netherland

Sewell & Associates Inc. (‘NSAI’) September 28, 2015 “2015 NSAI Sensitivity

Letter”. See Material Change Report dated September 29, 2015 filed on SEDAR.

(2) Estimates in 2015 NSAI Sensitivity Letter unchanged vs 2014 NSAI Report

4

3

1

2

5

DEMIR DAGH APPRAISAL AND DEVELOPMENT

► Ten wells drilled to date

• Two deep wells to evaluate all reservoirs (DD-2 & 3)

• Eight shallow wells to appraise Cretaceous (DD-4, 5, 6, 7, 8, 9, 10 & 11)

• Vertical/deviated well designs

► Six wells completed for Cretaceous production

• DD-2, 3, 4, 6, 7 & 10

• Four currently producing

► 2015 / 2016 work program:

• Jurassic re-completion of DD-3

• Three Cretaceous re-completions in Demir Dagh

• Drilling of new wells in Cretaceous: One deviated and one horizontal well

• Re-completion locations and new well design to avoid gas / water and maximise fracture intersection

• Additional horizontal wells to follow in 2017/2018

DD-2

DD-7&8

DD-4&6 BAN-1

BAN-2 DD-10&11 Contingent

Demir Dagh

Contingent

Banan

Reserves

Demir Dagh

DD-5

DD-3&9

DD-1 Reserves

Banan

DD-2 & DD-7 Planned Re-completions Planned Horizontal Well

► ZEG-1 discovery in the Cretaceous

• Light sweet crude (35º API)

• Matrix porosity similar to Demir Dagh

• Higher recovery rates than Demir Dagh

• Upside in Tertiary which is producing in nearby

Khurmala field

► Full suite of logging, MDT and test data for ZEG-1, data from ZAB-1, 2D seismic

► 2016 plans designed to Appraise and commence early production

• 1H 2016: Begin construction of tie back line to

Hawler production facilities at Demir Dagh

• 2H 2016: ZEG-2 to evaluate Cretaceous and

Tertiary; Sidetrack of ZEG-1; Both wells to be

completed as producers

► Full Field development to follow in

2017/2018

• 3D Seismic

• Six additional wells

6

ZEY GAWRA APPRAISAL AND EARLY DEVELOPMENT

Reserves

Prospective

Resources

81m column 4,800 bbl/d

of 35º API Crude (1)

7

HAWLER PRODUCTION FACILITIES

► 40,000 bbl/d facilities commissioned in September 2015

• Located at Demir Dagh

• Replaces 20,000 bbl/d temporary production facility

• Two trains to accommodate both Cretaceous and Jurassic crude

• 10,000 bbl/d of water handling capacity

• Ability to measure and monitor individual well performance

• Expand as necessary to accommodate further production growth

► 40,000 bbl/d Truck Loading Station

► Zey Gawra and Banan fields planned to be developed via

multi-phase tie backs

ITP

40” & 46” pipelines, 600 & 900 Mbbl/d capacity

KRI - Turkey

24/36” oil pipeline, 700 Mbbl/d capacity

8

KURDISTAN REGION: SUPPLY DYNAMICS

Domestic Sales:

► Pre-payment for sales

► Realisations at discount to

international prices

► Larger producers selling on regular

basis into domestic market

Export Sales:

► Via Turkey by truck or pipeline

► Payment mechanisms defined for

truck export but not yet for pipeline

export

► KRI exports of oil have increased to

~600,000 bbl/d

► Payments from KRG to oil exporters

resumed in September 2015

To Ceyhan

Oryx Petroleum currently exporting all production by truck and has received cash payment for all sales in 2015 through end of Q3

Illustrative Netback ($/bbl)

Contractor Netback

Realised Price $25.00 $40.00 $55.00

Royalties 10% (2.50) (4.00) (5.50)

Net revenue 22.50 36.00 49.50

Cost oil 40% 9.00 14.40 19.80

Profit oil 13.50 21.60 29.70

Contractor share 28% 3.78 6.05 8.32

Total Contractor (Cost + Profit oil) 12.78 20.45 28.12

Less: Opex(1) (7.00) (7.00) (7.00)

Contractor Netback 5.78 13.45 21.12

Oryx Petroleum Netback

Total Contractor Netback 5.78 13.45 21.12

Less: Capacity payment 15% (0.57) (0.91) (1.25)

Less: Opex carry 30.8% (2.16) (2.16) (2.16)

Plus: Capex carry repayment 30.8% 2.77 4.44 6.10

Oryx Petroleum After-tax Netback 5.82 14.82 23.81

► Realised Prices:

• Domestic - N/A

• Export - Truck: Brent less $26/bbl

• Export - Pipeline: referenced to Brent

► Contractor Profit oil and Oryx Petroleum capacity building payment assumes R factor <1

► Normalised Opex to be achieved as production increases • $10.00/ bbl+ expected in near term

• ~$7.00/bbl assuming gross (100%) production of 8,000 to 10,000 bbl/d

• ~$4.00/bbl over life of field

► Opex carry

• Oryx Petroleum carries 20% KRG share

• Carry (/bbl) = Opex × KRG WI ÷ Oryx Petroleum WI

► Capex carry repayment

• Oryx Petroleum carries KRG capex up to $300 million, recoverable from KRG share of cost oil

• Repayment (/bbl) = Cost oil × KRG WI ÷ Oryx Petroleum WI

9

HAWLER NEAR TERM NETBACKS

(1)Assumes gross (100%) production of 8,000 - 10,000 bbl/d

10

AGC SHALLOW & CENTRAL (SENEGAL / GUINEA BISSAU)

AGC Shallow

► Working petroleum system with two shallow heavy oil

discoveries in the 1960s

► Two deeper light oil play types

• Seismic amplitude prospects in Maastrichtian

• Sub-salt related structural traps in Albian

► Three structures identified to date with two drill ready

prospects

► 2016 commitment well

► Ongoing farm-ut process

AGC Central

► Recent PSC agreement

• 3,150 km2 licence area in water depths of 100 - 1,500m

► Carbonate edge play type similar to SNE-1 discovery

identified from seismic data

► 750 km2 of seismic obligation in initial 3-year

exploration phase

AGC Central


► 20% AGC

Wells

Planned

Significant light oil potential in an area with a working petroleum system

AGC Shallow


► 20% AGC

Haute Mer A

► Elephant Discovery in 2013

• More resource required to confirm commercial development

• 2C Gross (100%) Contingent Resources of 31 MMbbl(1)


• Request for extension of exploration period has been submitted by Operator

(1) Gross (100%) best estimate contingent resources as at December 31, 2014. Gross refers to volumes before applicable PSC

deductions

Haute Mer B

► PSC approved in Q2 2014

• Multiple large prospects near existing discoveries

• High NPV per barrel in success case


11

HAUTE MER A & HAUTE MER B (CONGO (BRAZZAVILLE))

Discovery and further exploration for oil adjacent to large producing fields

Wells

Planned

Discovery

Tested: Feb 2014

Haute Mer A Working Interest

► 20% Oryx Petroleum

► 45% CNOOC (Operator)

► 20% CPC

► 15% SNPC

Haute Mer B Working Interest

► 30.00% Oryx Petroleum

► 34.62% Total (Operator)

► 20.38% Chevron

► 15.00% SNPC

► Full year 2016 Capital Expenditure budget of $90m

► Liquidity sufficient to fund plans into Q2 2016

• $35 million in cash at September 30, 2015

• $50 million undrawn in unsecured credit facility with AOG

• Net revenues

► $50-$75 million of additional capital needed to fund

2016 budgeted expenditures

• $55/bbl Brent and trucking exports in 2016

12

LIQUIDITY AND 2016 CAPITAL EXPENDITURES

$ million Q4 2015 2016

Hawler 20 83

► Demir Dagh 20 45

► Zey Gawra - 38

West Africa & Corporate 3 7

Total 23 90

Funded into Q2 2016 with additional capital required for all 2016 budgeted expenditures

► Production Ramp-up in the Kurdistan Region of

Iraq

• Hawler production facilities in place with development

drilling to provide growth

• Drilling to resume in late 2015 with near term

development and appraisal of Demir Dagh and Zey Gawra

fields

• Expected market access improvements: normalisation of

local markets, continued export trucking, tie-in to export

pipeline and payments

► Potential Resource Addition Medium/Long Term

• Material light oil prospects in AGC and Congo (Brazzaville)

• Heavy oil potential identified in Hawler and AGC

► Prudent approach to Financial Management

► Experienced team with strong relationships and

successful track record

13

A COMPELLING STORY WITH MULTIPLE VALUE CATALYSTS

Demir Dagh (Kurdistan)

This document has been prepared by Oryx Petroleum Corporation Limited (“Oryx Petroleum” or the “Corporation”) for information purposes only. This document should be read in conjunction with the annual information form of Oryx Petroleum dated March 26, 2015 (the

“AIF”). Additional information about Oryx Petroleum is available on its website at www.oryxpetroleum.com and Oryx Petroleum’s profile at www.sedar.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Statements that are not reported financial results or other historical information are forward-looking information within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of applicable United States securities laws

(collectively, “forward-looking statements”). This presentation includes forward-looking statements regarding Oryx Petroleum and the industry in which it operates, including statements about, among other things, exploration and drilling activities, expectations, beliefs, plans,

future oil prices, business and acquisition strategies, opportunities, objectives, prospects, assumptions, including those related to trends, prospects, future events and performance. Sentences and phrases containing or modified by words such as “anticipate”, “plan”,

“continue”, “estimate”, “intend”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targets”, “projects”, “is designed to”, “strategy”, “should”, “believe” and similar expressions, and the negative of such expressions, are not historical facts and are intended to identify forward-

looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements should not be read as

guarantees of future events, future performance or results, and will not necessarily be accurate indicators of the times at, or by which, such events, performance or results will be achieved, if achieved at all. Forward-looking statements are based on information available at

the time and/or management’s expectations with respect to future events that involve a number of risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The factors described

under the heading “Risk Factors” in the AIF provide examples of the risks, uncertainties and events that may cause Oryx Petroleum’s actual results to differ materially from the expectations it describes in its forward-looking statements. Readers should be aware that the

occurrence of the events described in such risk factors could have an adverse effect on, among other things, Oryx Petroleum’s business, prospects, operations, results of operations and financial condition.

Specific forward-looking statements contained in this presentation include, among others, statements, management’s beliefs, expectations or intentions regarding the following: the ability of each of the Corporation and its partners to fund ongoing exploration and meet their

respective financing and carry obligations with respect to the license areas of Oryx Petroleum; the performance characteristics and discovery potential of Oryx Petroleum’s properties; the Corporation’s expectations of current and future production levels; exploration work

plans, conceptual development and marketing plans; the reserve and resource potential of Oryx Petroleum’s license areas; the political, economic, regulatory and business stability of the jurisdictions in which Oryx Petroleum operates; export pipeline options and export

capacity; the Corporation’s re-forecasted capital expenditure program and the Corporation’s expectations regarding the use of existing capital, its ability to raise capital, develop reserves and resources and to add reserves and resources through exploration, acquisitions and

development; the amount, nature, timing and effects of the Corporation’s capital expenditures; the Corporation’s plans for drilling wells and chance of success; the Corporation’s plans for completion or acquisition of seismic data; market prices and supply and demand

fundamentals for oil and other commodities; timing and amount of the Corporation’s potential future production, forecasts of capital expenditures, net revenues, future development plans and the sources of financing thereof; the Corporation’s operating and other costs and

expenses; business strategies and plans of management; anticipated benefits and enhanced shareholder value resulting from prospect development and acquisitions; and oil reserves and resources quantities and the discounted present value of future net cash flows from

these reserves and resources.

Readers are cautioned that the foregoing list of forward-looking statements should not be construed as being exhaustive.

In making the forward-looking statements in this presentation, the Corporation has made assumptions regarding: timing and results of exploration activities; the enforceability of the Corporation’s production sharing contracts and risk exploration contracts; treatment under the

fiscal terms of production sharing contracts, risk exploration contracts, governmental regulatory regimes and royalty laws; the timing and terms of government approvals and the timing and terms of any renewal or extension of any of the Corporation’s license areas; the cost

of expenditures to be made by Oryx Petroleum; future crude oil prices and prices realised by Oryx Petroleum on oil production sold; the amount of oil production sold domestically in the Kurdistan Region and the amount of oil production sold as export; oil from the Kurdistan

Region refining capacity in the local jurisdiction and access to local and international markets for crude oil production; the Corporation’s ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; the political situation and stability in

jurisdictions in which Oryx Petroleum has licenses, including, without limitation, that the recent escalation in violence in Iraq relating to the incursion by the Islamic State in Iraq and Syria (ISIS) will not adversely disrupt the Corporation’s production and development activities

in the Kurdistan Region; the regulatory, legal and political framework governing the production sharing contracts, risk exploration contracts, royalties, taxes and environmental matters in the jurisdictions in which the Corporation conducts and will conduct its business and the

interpretations of applicable laws; the ability to renew its licenses on attractive terms; the Corporation’s current and future production levels and the timing and payment mechanism for export oil from the Kurdistan Region; the market for domestic oil sales in the Kurdistan

Region and the timing and payment mechanism for such domestic sales in the Kurdistan Region; the applicability of technologies for the recovery and production of the Corporation’s oil reserves and resources; ability to gain access to existing facilities or to build necessary

facilities to sell oil production; operating costs; availability of equipment and qualified contractors and personnel; future capital expenditures to be made by the Corporation; future sources of funding for the Corporation’s capital programs; the Corporation’s future debt levels;

geological and engineering estimates in respect of the Corporation’s reserves and resources; the geography of the areas in which the Corporation is conducting exploration and development activities; the impact of increasing competition on the Corporation; the ability of the

Corporation to obtain financing and, if obtained, to obtain acceptable terms; and government/state participation in the Corporation’s development activities through the exercise of back-in rights.

Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future events, performance or results, and will not necessarily be accurate indicators of whether or not such events, performance or results will be achieved. Forward-

looking statements are based on information available at the time and/or management’s expectations with respect to future events that involve a number of risks and uncertainties. Any forward-looking statements concerning prospective results of operations, financial

position, production, expectations of cash flows and future cash flows that are based upon assumptions about future results, economic conditions and courses of action and are presented for the purpose of providing prospective purchasers with a more complete perspective

on Oryx Petroleum’s present and planned future operations and such information may not be appropriate for other purposes and actual results may differ materially from those anticipated in such forward-looking statements.

Actual results could differ materially from those anticipated in or implied by any forward-looking statements, including without limitation, as a result of the risk factors, which are described in detail under “Risk Factors” in the AIF. Readers should reference the factors

discussed under the heading “Risk Factors” in the AIF. The forward-looking statements included in this presentation are expressly qualified by this cautionary statement and readers are cautioned that any forward-looking statement speaks only as of the date of this

presentation. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. If the Corporation does update

one or more forward-looking statements, it is not obligated to, and no inference should be drawn that it will, make additional updates with respect thereto or with respect to other forward-looking statements.

14

DISCLAIMER

RESERVES AND RESOURCES ADVISORY

The reserves and resources and associated future net revenue information presented herein are estimates only. In general, estimates of oil reserves and resources and the future net revenue therefrom are based upon forward-looking statements and a number of variable

factors and assumptions, such as production rates, ultimate reserve recovery, timing and amount of capital expenditures, ability to transport production, marketability of oil, royalty rates, the assumed effects of regulation by governmental and other regulatory agencies and

future operating costs, all of which may vary materially from actual results, and for resources, additional variable factors and assumptions such as discovery and commerciality. For those reasons, estimates of the oil reserves and resources attributable to any particular group

of properties, as well as the classification of such reserves and resources (based on risk of recovery) and estimates of future net revenues associated with such reserves and resources prepared by different engineers (or by the same engineers at different times) may vary.

The actual reserves and resources of Oryx Petroleum may be greater or less than those estimated and such variation may be material.

In addition, Oryx Petroleum’s actual production, revenues, development, capital and operating expenditures, as applicable, with respect to its reserves and resources will vary from estimates thereof and such variations could be material. Any activities undertaken by Oryx

Petroleum to develop or permit the reclassification of its reserves and resources will be subject to the terms of the applicable contractual arrangement.

Statements relating to “net present value”, “future net revenues”, “reserves” and “resources” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions (including, without limitation, pricing

assumptions), that the reserves and resources described exist in the quantities predicted or estimated, and can be profitably produced in the future. Readers should refer to the AIF for information regarding the assumptions related to the reserves and resources reported

herein. There is no assurance that forecast price and cost assumptions will be attained and variances could be material.

Proved oil reserves are those reserves which are most certain to be recovered. There is at least a 90% probability that the quantities actually recovered will equal or exceed the estimated proved oil reserves. Probable oil reserves are those additional reserves that are less

certain to be recovered than proved oil reserves. There is at least a 50% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable oil reserves. Possible oil reserves are those additional reserves that are less certain

to be recovered than probable oil reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable plus possible oil reserves.

Contingent oil resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially

recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. Contingent oil resources entail additional commercial risk than reserves and adjustments for

commercial risks have not been incorporated in the summaries of contingent oil resources set forth in this presentation. There is no certainty that it will be commercially viable to produce any portion of the contingent oil resources. Moreover, the volumes of contingent oil

resources reported herein are sensitive to economic assumptions, including capital and operating costs and commodity pricing.

Prospective oil resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective oil resources have both an associated chance of discovery

and a chance of development. Prospective oil resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be sub classified based on project maturity. Prospective oil

resources entail more commercial and exploration risks than those relating to oil reserves and contingent oil resources. The risked prospective oil resources reported in this presentation are partially risked resources that have been risked for chance of discovery, but have

not been risked for chance of development. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing or cost of such development.

The reserves estimates and evaluation and resource estimates and evaluation contained herein are derived from the NSAI Report which was prepared with reference to NI 51-101 relying on the COGE Handbook definitions. Reserves and resources provided herein are as at

December 31, 2014 and are only valid as of such date.

The estimates of reserves and resources and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and resources and future net revenue for all properties, due to the effects of aggregation. The estimated future net

revenues contained herein are valid only as at December 31, 2014 and do not necessarily represent the fair market value of Oryx Petroleum’s reserves and resources.

As used herein, unless otherwise indicated, “gross” means, in respect of reserves, resources, production, area, capital expenditures or operating expenses, the total reserves, resources, production, area, capital expenditures or operating expenses, as applicable, attributable

to either (i) 100% of the license area, field, prospect or lead; or, (ii) the Corporation’s working interest in the license area, field, prospect or lead, as indicated, prior to the deductions specified in the applicable production sharing contract, risk exploration contract or fiscal

regime for each license area.

In addition to the general advisory language above, the below notes qualify certain reserves and resources volumes and other oil and gas information disclosed in this document:

“†”: This volume is an arithmetic sum of multiple estimates of reserves or resources, as applicable, which statistical principles indicate may be misleading as to volumes that may actually be recovered. Readers should give attention to the estimates of individual classes of

reserves or resources, as applicable, and appreciate the differing probabilities of recovery associated with each class as explained above.

“‡”: All field fluid measurements will require laboratory analysis to confirm results and should be considered preliminary until such analysis has been done. The test results are not necessarily indicative of long-term performance or of ultimate recovery.

15

DISCLAIMER

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Documents

ORYX PETROLEUM: AN AFRICA AND MIDDLE EAST ......2015/11/24 · • AOG ownership of ~75% (1) Gross (working interest) proved plus probable oil reserves and best estimate contingent