Kuwait energy makes new oil discovery in the western desert

Kuwait Energy (“the Company”), one of the fastest growing independent oil and gas exploration and production companies in the Middle East, announces an oil discovery at its El Salmiya-2 well, located in its Abu Sennan concession in the Western Desert, Egypt.

Kuwait Energy is the operator of the Abu Sennan concession and holds a 50% working interest. The remaining working interest is held by Beach Petroleum (Egypt) Pty Ltd which holds a 22% working interest, and Dover Investments Limited with a 28% working interest with their main partner the Egyptian General Petroleum Corporation (EGPC).

The El Salmiya-2 well encountered oil in Kharita Formation and initial tests showed a production flow rate of 3,530 barrels of oil per day (bopd).  This is the sixth exploration success in the Abu Sennan concession and the twenty first discovery in Egypt for Kuwait Energy since 2008.

Kuwait Energy’s Chief Executive Officer, Sara Akbar, commented: “I am very happy to announce another successful oil discovery in Egypt which we anticipate will contribute positively to both the Company’s production and reserve levels. Our operations continue to flourish in Egypt, we enjoy a close working relationship with the EGPC and we are delighted to play our part in helping Egypt satisfy its domestic energy demand.”

Kuwait Energy started operating in Egypt in 2008 and its operations there contribute the largest share of the Company’s current total working interest production. In Egypt, the Company operates three oil blocks: the Abu Sennan concession, Area A and the Burg El Arab development lease. It also has interests in two other non-Company-operated blocks, namely the Mesaha concession and the East Ras Qattara development lease.