Kuwait Energy Posts 47.9 Million Revenues

Source: KUNA 11/8/2011, Location: Middle East

Kuwait Energy Company, one of the fastest growing, independent, oil and gas exploration and production companies in the Middle East, announced unaudited revenues of USD 47.9 million for the third quarter of 2011, up 33.8% from Q3 2010 and up 3% from Q2 2011. Two gas and condensate discoveries in the KEC-operated GPZZ-4 and Al Ahmadi-1 wells in the Abu Sennan concession, Egyptian Western Desert.

The two new discoveries bring the total number of discoveries in Egypt, by KEC, to 13. In Iraq, KEC 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 achieved in the development of the Lower Bahariya reservoir in the Shahd-2ST well located in the East Ras Qattara concession, Egypt. The current average gross production from the well is 4,400 barrels of oil per day.

The company statement also reported completion of partial divestment of 15% working interest in the Mesaha concession, Egypt to Beach Energy. Kuwait Energy retains a 15% working interest. The Company also announced 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 companys 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 ERQ field, Egypt as of early September 2011.

"Weve had new successes during the month of September 2011 with encouraging flow rates from our two Egyptian discoveries. Weve 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," said KEC CEO Sara Akbar. Headquartered in Kuwait, Kuwait Energy Company is one of the few independent oil and gas exploration and production companies operating in the Middle East. Established in 2005, and profitable since inception, Kuwait Energy has oil and gas assets in eight countries namely: Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan. Kuwait Energys proven and probable working interest reserves at year end 2010 were 48.8 million barrels of oil equivalent. The Companys current working interest production is 15,000 barrels of oil equivalent per day.


United Kingdom >>  8/12/2022 - Highlights
· Share placement commitments to raise A$14.9 million gross proceeds.
· Issue price of A$0.009 per share represents a 18.2% dis...

Bermuda >>  8/11/2022 - This is a correction of press release issued August 11, 12:26 CET. Full pay out of the PSU award is subject to reaching $ 10.00 per share on 75% of th...

Bermuda >>  8/11/2022 - The Board of Directors of Borr Drilling Limited has resolved to grant 4,000,000 options under the Company’s approved share option scheme to certain of...
Bermuda >>  8/11/2022 - Teekay Corporation announced that its Board of Directors has authorized a share repurchase program for the repurchase of up to $30 million of the Comp...

Canada >>  8/11/2022 - Frontera Energy Corporation has taken up and paid for 5,416,666 of its outstanding common shares (the "Shares") at a price of $12.00 per Share (the "P...
Chile >>  8/11/2022 - Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) and CarbonFree Technology are pleased to announce the closing of approximately USD$360 milli...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.