LOC11:45
08:45 GMT
KUWAIT, Nov 8 (KUNA) -- 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. (end)
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KUNA 081145 Nov 11NNNN