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October 16, 2014

Oryx Petroleum acquires 85% interest in AGC Central licence

Oryx Petroleum has acquired an 85% interest in the AGC Central licence, located in the joint development offshore area between Senegal and Guinea Bissau (AGC).

Oryx Petroleum has acquired an 85% interest in the AGC Central licence, located in the joint development offshore area between Senegal and Guinea Bissau (AGC).

The company has signed a new PSC for its stake in the licence, which covers 3,150km² in water depths ranging from 100m to 1,500m.

The licence area was previously included in the AGC Profond licence area, with operators focusing activities on the deepwater parts.

"We are excited about expanding our presence in the AGC."

Oryx will operate the licence area with an 85% participating interest, while the rest of the stake will be held by L’Entreprise AGC.

L’Entreprise AGC’s share of the costs will be carried via exploration and the company will have a back-in right for a further 5%, paying interest in the licence after commercial discoveries.

The initial three-year exploration phase includes the acquisition of 750km² of 3D seismic data.

Oryx Petroleum chief executive officer Michael Ebsary said: "We are excited about expanding our presence in the AGC. The low cost addition of a new play type, one that others are pursuing in Senegal with some recent success, gives us another way to succeed in the AGC. We aim to build a substantial business in the region."

Oryx found a carbonate edge play type with potential Cretaceous clastic / carbonate structures, based on available technical data.

The company said the play type is similar to plays being undertaken in Senegal by other industry participants.

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