Category: Zeg Oil and Gas

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GKP CFO to Chair Oryx

Oryx Petroleum has announces the appointment of Sami Zouari (pictured) as Board Chair and Independent Director with immediate effect.

Mr. Zouari  succeeds Jean Claude Gandur who recently resigned from the Corporation as part of transactions consummated between The Addax and Oryx Group PLC and Zeg Oil and Gas Limited.

Sami Zouari was most recently the Chief Financial Officer and an Executive Director of Gulf Keystone Petroleum Limited, an independent oil and gas company that operates the Shaikan Field in the Kurdistan Region of Iraq. During his tenure, Mr. Zouari played a lead role in the operational and commercial transformation and the financial restructuring of Gulf Keystone into one of the premier independent exploration and production companies operating in the Kurdistan Region of Iraq and the wider Middle East. Prior to appointment at Gulf Keystone, Mr. Zouari held various positions at Total E&P and BNP Paribas.

Commenting today, Independent Director of Oryx Petroleum, Peter Newman, stated:

“We are delighted to welcome Sami to the Board. His extensive experience in the oil and gas sector in the Kurdistan Region of Iraq and the Middle East, his knowledge of financial markets, and his experience with corporate transformation processes will be enormously helpful to us as we confront financial challenges and seek to maximise value from the Hawler license.”

Also commenting today, Chair of Oryx Petroleum, Sami Zouari, stated:

“The Hawler license is an asset I believe has significant potential. I look forward to working with the Board and Management of Oryx Petroleum to transform Oryx Petroleum into one of the leading independent exploration and production operators in the Kurdistan Region.”

(Source: Oryx Petroleum)

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Oryx Petroleum Announces Change in Control

Oryx Petroleum Corporation has announced that the Corporation’s two largest shareholders have informed the Corporation that Zeg Oil and Gas Ltd. acquired control of the Corporation from AOG Upstream BV on July 23, 2020 in the context of the previously announced transaction.

The acquisition was conditional upon and subsequent to the closing of the Loan Settlement announced by the Corporation on July 23, 2020.

In connection with the change in control, Jean Claude Gandur has resigned from the Board of Directors of the Corporation.

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 (“MNR”), the Corporation has agreed to amend certain terms of the Production Sharing Contract governing the Hawler license area (pictured).

Specifically, the Corporation has agreed to a 22% reduction in the cost pool related to its interest, and to finance all costs attributed to the 35% interest it does not own for the duration of the development period and without a cap on such financing facility.

Previously, the Corporation was financing only the costs attributable to a 20% interest in the license, to a maximum of US $300 million. The MNR has agreed to waive any rights it has to audit costs incurred up to December 31, 2020.

Depending on actual future revenue and cost profiles, the changes may or may not result in a lower share of future cash flows attributable to the Corporation’s interest compared to the applicable terms prior to amendment.

(Source: Oryx Petroleum)