- Company's second discovery in Egypt

- Average daily production rate of 2200 barrels -

Kuwait, May 6, 2009 -- Kuwait Energy Company (K.S.C.C), one of the largest independent exploration and production companies in the Middle East, today announced a new oilfield discovery in Area A (Shukhair NW), Egypt, with a daily production rate of 2,200 barrels of oil, and expected reserves of 11 million barrels of oil. Kuwait Energy's share and working interest of the field is 70%. 

This is Kuwait Energy's second discovery in Egypt following the discovery of Rana SE and Shahad SE oilfields, which were announced on April 30th 2009.

Established in 2005, Kuwait Energy is the fastest growing non-governmental exploration and production company in the Middle East with operations across the Middle East, North Africa, Eastern Europe and, Pakistan. Today, the company has a total of 19 exploration blocks in seven countries, 10 producing assets in five countries, and operates 10 fields in four countries. Kuwait Energy has been profitable since its first operational year.

Kuwait Energy Vice Chairman and CEO Ms. Sara Akbar said: "We're very excited about  our second discovery in Egypt. Like the oil fields Rana SE and Shahad SE, Shukhair was also part of the assets purchased from Oil Search Mena in 2008. We have more exploration activities in Egypt at the moment, and we expect more discoveries in the future. The discoveries in Area A started about 40 years ago by different international companies. Today, with the new technologies used by Kuwait Energy, and by it's dedicated staff, the Company was able to find new discoveries in this brown field area. This is an achievement that we are highly proud of".

She added, "With these discoveries and other exploration and production activities across the Middle East and other parts of the world, Kuwait Energy is quickly becoming an active player in the regional market and building a great reputation with governments and partners alike".

Kuwait Energy has laid out plans for the development and production of the new oilfield Shukhair NW in the near future.

Currently the Company produces over 10,000 barrels of oil equivalent per day, and at the end of 2008 had proven reserves of 43.5 million barrels of oil equivalent. The Company's daily production rate is expected to grow significantly in the near term.

-Ends-

For more information, please contact:
Fawaz Al Sirri
Bensirri PR
Mobile: 97187345
Email: Fawaz@bensirri.com

© Press Release 2009