Calgary listed Forza Petroleum (formerly known as Oryx Petroleum) has hit a bump in the road at its Hawler license (Forza 65%, KNOC 15%, KRG 20%) in the Kurdistan Region of Iraq. Production has stabilized since late 2018 at 10-14,000 b/d as the firm looked to put geological woes behind it, but it has now announced a steep drop in proven and probable (2P) reserves at the license. Geological issues have been a constant problem for the firm’s development of the block.
Operations at the Hawler license had gotten off to a flying start in 2020 with record 14,200 b/d output in Q1, before the pandemic hit. The license contains a number of producing fields - Demir Dagh, Zey Gawra, Banan (East and West) and Ain al Safra. (CONTINUED - 922 WORDS)