Production increase at East Ras Qattara Concession, Egypt

Press release

Published April 21st, 2013 - 05:44 GMT

Al Bawaba

Kuwait Energy (the Company), one of the fastest growing independent oil and gas exploration and production companies in the Middle East, announces a production increase at its East RasQattara (“ERQ”) Concession, Egypt, in which the Company has a 49.5% interest.

Following the completion of drilling of the Shahd-3 Development Well at the ERQ Concession, an initial [gross] production rate for the well of 4,300 bopd was recorded. This increased the [gross] field production for ERQ to 17,000 bopd.

Further to this, [gross] daily production rates are expected to exceed 20,000 bopd by the end of Q2 2013.

Located in the Western Desert, Egypt, ERQ is the Company’s largest producing asset. The concession has 15 producing wells and three wells under development.

Mohammad Alhowqal, Chief Operations Officer of Kuwait Energy, said: “This positive result means that East Ras Qattara is now our largest producing oil asset. We look forward to more successes at this asset together with our partner Sipetrol.”

Background Information

Kuwait Energy Company

Kuwait Energy is an oil and gas company actively engaged in the exploration, appraisal, development and production of hydrocarbons. Since establishment in 2005, it has built a high-quality, diversified portfolio of oil and gas assets in the MENA region across Iraq, Egypt and Yemen. Our MENA portfolio consists of 7 exploration, development and production assets, of which we operate six.