● 19th discovery for Kuwait Energy in Egypt since start of operations in the country in 2008
● Ahmad-2 tests at 1,300 bopd
Kuwait, October 15, 2012 - Kuwait Energy, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, today announced a new oil discovery of Ahmad-2 well, located in the Area A license in the Gulf of Suez, Egypt, adjacent to the Shukheir North West field.
Kuwait Energy is the operator of the Area A license under a service agreement with Egypt's General Petroleum Company (GPC). Kuwait Energy holds a 70% working interest in the license, and the remaining 30% interest is held by Petrogas E&P, of Oman.
The Ahmad-2 well encountered oil in the Rudeis formation for the first time in the Shukheir North West field and Ahmad area, and initial tests showed a production flow rate of 1,300 barrels of oil per day (bopd). This is the fifth exploration success in the Area A concession, and the 19th discovery in Egypt for Kuwait Energy since 2008.
Kuwait Energy's Chief Executive Officer, Sara Akbar, said, "We are delighted to announce yet another exploration success at the Area A concession, which follows the discovery of the West Ahmad-1X well earlier this year. Area A is now our largest producing oil asset in Egypt and we look forward to more successes."
Kuwait Energy started operating in Egypt in 2008 and its operations there contribute the largest share to the Company's current total working interest production. In Egypt, the Company operates three oil blocks, Area A, Burg El Arab development lease and the Abu Sennan concession, and has interests in two other non-Company-operated blocks, namely the Mesaha concession and the East Ras Qattara development lease.
Kuwait Energy is one of the few independent oil and gas exploration and production companies operating in the Middle East,
Kuwait Energy has been profitable since inception in 2005, and currently operates in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan,
Kuwait Energy's working interest proven and probable reserves at year end 2011 were 235.3 million barrels of oil equivalent and its current production has reached approximately 17,750 barrels of oil equivalent per day.
Follow the company's twitter news feeds: @KuwaitEnergy
For more information, visit Kuwait Energy's website at:www.kec.com.kw
Or contact: Leslie Mouawad, Mobile: +965-99981334, Email: leslie@bensirri.com
© Press Release 2012
