New shareholder and industrial partner for upstream business

27 April 2016

AOG welcomes Zeg Oil and Gas ("Zeg Oil"), a privately-owned firm based in the Kurdistan Region of Iraq, as a new shareholder and industrial partner in its upstream division, Oryx Petroleum.

Zeg Oil provides a broad range of engineering and construction services to the energy sector in the Kurdistan Region of Iraq and has made a strategic investment in a 30% stake of Oryx Petroleum. It also brings access to valuable engineering and construction expertise, subsurface knowledge, and local and regional relationships. The move enables Oryx Petroleum to pursue its appraisal and production plans in the region. AOG remains the controlling shareholder.

AOG created Oryx Petroleum in 2010 and invested over USD 870 million to fund its exploration and production activities, including the first discovery in Iraqi Kurdistan in April 2013. Production and sales began in June 2014 and have continued since.

The first diversification of funding came in May 2013, when Oryx Petroleum completed an initial public offering (IPO) on the Toronto Stock Exchange, securing the additional funding to pursue the company’s exploration and production plans. AOG also provided a USD 100 million credit facility to the company in 2015 to fund its planned investments.

For more information on Oryx Petroleum: