Mr. Vance Querio reports

ORYX PETROLEUM ANNOUNCES SUCCESSFUL APPRAISAL WELL AT THE BANAN FIELD

Oryx Petroleum Corp. Ltd. has provided an update on the drilling of an appraisal well targeting the Tertiary reservoir at the Banan field in the Hawler licence area in the Kurdistan region of Iraq. As at Dec. 31, 2017, 26 million barrels ("bbl") of unrisked gross (100%) best estimate (2C) contingent oil resources sub-classified as development unclarified (risked: 13 million bbl) were attributed to the Banan Tertiary reservoir by Netherland, Sewell & Associates, Inc. based on data obtained during the drilling of the Banan-2 well in 2014.

In late May and early June 2018, the Banan-3 well was drilled to a depth of approximately 500 metres and completed in open hole partially penetrating the Tertiary reservoir. Oil production from the well has been enabled by the use of a jet pump and has averaged approximately 1,500 bbl/d with 50 scf/stb of gas and no water over the last six days of uninterrupted production. The stock tank oil has a gravity of 26 degrees API. The Corporation intends to continue the extended production test of the well with the objective of assessing the well's performance, identifying options for increasing production and obtaining information to refine plans for additional appraisal of the Banan Tertiary reservoir.

Crude oil produced at the Banan field is currently hauled to the Hawler tanker terminal where it is offloaded and then pumped to the Demir Dagh storage system. It is blended with crude oil produced from other Hawler license area wells before being exported through the Kurdistan Region-Turkey Export Pipeline.

Based on results from the Banan-3 well, the Corporation expects that, in its reserves report for year-end December 31, 2018, oil reserves will be attributed to the Banan Tertiary reservoir.

The drilling of the Zey Gawra-3 well targeting the Cretaceous reservoir at the Zey Gawra field in the Hawler license area is in progress with results expected in the coming weeks. The Zey Gawra-3 well is the first well to be drilled in the Hawler license area utilising a horizontal well design. The drilling or re-entry of wells targeting the Banan Cretaceous, Banan Tertiary and Demir Dagh Cretaceous reservoirs are planned, subject to performance of existing wells, in the second half of 2018.

CEO's Comment

Commenting today, Oryx Petroleum's Chief Executive Officer, Vance Querio, stated:

"We are very pleased to have resumed operations at the Banan field with a successful appraisal well targeting the Tertiary reservoir. The average production rate achieved thus far is consistent with expectations and export of the oil is proceeding smoothly. Total average daily crude oil production from the Hawler license area is now approximately 5,300 barrels per day. The drilling of the Zey Gawra-3 well targeting the Cretaceous reservoir is in progress with results expected in the coming weeks. The drilling or re-entry of four more wells is planned for the second half of 2018 subject to the performance of existing wells."

ABOUT ORYX PETROLEUM CORPORATION LIMITED

Oryx Petroleum is an international oil exploration, development and production company focused in Africa and the Middle East. The Corporation's shares are listed on the Toronto Stock Exchange under the symbol "OXC". The Oryx Petroleum group of companies was founded in 2010 by The Addax and Oryx Group P.L.C. Oryx Petroleum has interests in three license areas, one of which has yielded an oil discovery. The Corporation is the operator in two of the three license areas. One license area is located in the Kurdistan Region of Iraq and two license areas are located in West Africa in the AGC administrative area offshore Senegal and Guinea Bissau, and Congo (Brazzaville).

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