Kuwait Energy reports Q3 2011 activities

Kuwait Energy Company, one of the fastest growing, independent, oil and gas exploration and production companies in the Middle East, today announced unaudited revenues of US$47.9* million for Q3 2011, up 33.8% from Q3 2010 and up 3% from Q2 2011.

Two gas and condensate discoveries were made in the Kuwait Energy-operated GPZZ-4 and Al Ahmadi-1 wells in the Abu Sennan concession in Egyptian Western Desert. The two new discoveries bring the total number of discoveries in Egypt, by Kuwait Energy to 13; 

In Iraq, Kuwait Energy is currently evaluating the 12 exploration blocks that will be tendered in the upcoming petroleum licensing bid round, due to take place on March 7-8, 2012; 

Major milestone was achieved in the development of the Lower Bahariya reservoir in the Shahd-2ST well located in the East Ras Qattara concession in Egypt. The current average gross production from the well is 4,400 barrels of oil per day; and 

Kuwait Energy completed the partial divestment of 15% working interest in the Mesaha concession in Egypt to Beach Energy.  Kuwait Energy retains a 15% working interest in the concession. 

Financial and production highlights 

Kuwait Energy also announced a daily average working interest production for Q3 2011 of 13,568 barrels of oil equivalent, a 5.2% increase from the previous quarter and up 3% from Q3 2010, primarily due to the return of production from the company’s oil producing asset in Russia, after construction of a new bridge for transportation purposes was completed, as well as an added 4,400 barrels of oil per day (gross) of production from Shahd-2ST well in the East Ras Qattara field, Egypt as of early September 2011. 

Sara Akbar, Chief Executive Officer of Kuwait Energy, said: “We’ve had new successes during the month of September 2011 with encouraging flow rates from our two Egyptian discoveries. We’ve also sustained production levels and completed our planned development and exploration activities for the quarter.  As we move forward, we will continue to focus on growth in the MENA region and within our existing operations, specifically in Egypt, Iraq and Yemen.”