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

Commenting today, Oryx Petroleum´s Chief Executive Officer, Michael Ebsary, stated, "We are excited about expanding our presence in the AGC. The low cost addition of a new play type, one that others are pursuing inSenegal with some recent success, gives us another way to succeed in the AGC. We aim to build a substantial business in the region."

Signing of Production Sharing Contract

The Group has signed a new PSC covering the AGC Central license area in the joint development offshore area between Senegal andGuinea Bissau. The PSC has been approved by decree from the Haute Autorite, the Presidencies of Senegal and Guinea Bissau, who are responsible for administering oil exploration activities in the AGC.

Tags: Oryx Petroleum Corporation Limited