Oryx Petroleum Announces Results of Haute Mer B Arbitration
05 February 2020
Calgary, Alberta, February 5, 2020
Oryx Petroleum Corporation Limited (“Oryx Petroleum” or the “Corporation”) today announces the decision of the arbitration tribunal in the matter of the previously announced agreement that provided for the transfer of a 30% participating interest in the Haute Mer B license offshore Congo (Brazzaville) from a subsidiary of Oryx Petroleum (the “Seller”) to a subsidiary of Total S.A. (the “Buyer”).
The tribunal rejected the Seller’s position that all conditions to closing had been either satisfied or waived and that the Buyer was required to close the transaction and acquire the Seller’s interests. Forecast cash consideration of $13.3 million from the transaction will not be received.
As previously disclosed, during the second quarter of 2019, members of the HMB license area contractor group relinquished their rights to explore and produce crude oil from the license area.
Oryx-Petroleum-Press-Release-Arbitration.pdf