Kuwait Energy announces two hydrocarbon discoveries
in the Western Desert, Egypt
Kuwait, August 24, 2011 - Kuwait Energy Company KSCC (“Kuwait Energy”), one of the fastest growing independent oil and gas exploration and production companies in the Middle East, announces it has encountered hydrocarbons in the GPZZ-4 and Al Ahmadi-1 wells located in the Abu Sennan concession in the Western Desert, Egypt.
The Abu Sennan concession is operated by Kuwait Energy in which it holds a 50% working interest with the remainder being held by Beach Energy Limited (22% working interest) and Dover Petroleum (28% working interest).
These two new discoveries bring the total number of discoveries since 2008 by Kuwait Energy in Egypt to 13.
The GPZZ-4 well was drilled first as part of a six-well drilling program in the Abu Sennan concession. During initial drilling, hydrocarbon shows were found in the lower and upper Bahariya Formations, and the Abu Roash “G” Member.
The second well, Al Ahmadi-1, has also encountered hydrocarbon shows within the Kharita Formation, the lower Bahariya Formation, the Abu Roash “G” Member and the Abu Roash “E” Member.
Kuwait Energy Deputy Chairman and CEO, Sara Akbar said: “We have registered yet another success in Egypt with these discoveries. Production testing on both wells is still ongoing to assess the volumes and commerciality of the hydrocarbon shows. We look forward to encouraging results, as well as continued success in Egypt.”
Notes to Editors:
· Headquartered in Kuwait, Kuwait Energy Company is one of the few independent oil and gas exploration and production companies operating in the Middle East
· Kuwait Energy has been profitable since inception in 2005, and currently operates in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan
· Kuwait Energy’s proven and probable reserves at year end 2010 were 48.8 million barrels of oil equivalent and its current production is ~13,000 barrels of oil equivalent per day
Follow the company’s twitter news feeds: @KuwaitEnergy
For more information, visit Kuwait Energy’s website at: www.kec.com.kw
Or contact: Fawaz Al-Sirri, Mobile: +965-97187345, Email: email@example.com