Kuwait Energy increases Shahd SE well production levels after appraisal well drilling reveals larger reservoirs
Shahd SE-5 well production reaches 5,011 boepd
Kuwait, February 21, 2012 - Kuwait Energy plc, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, with their main partner, the Egyptian General Petroleum Corporation (EGPC), announced a significant increase in production from the Shahd SE field located in the East Ras Qattara concession in the Western Desert in Egypt following the successful drilling of the appraisal well Shahd SE-5, which revealed a larger oil reservoir than were shown in the original discovery well, Shahad SE-2.
The Shahad SE-5 well is producing at an average 5,011 barrels of oil equivalent per day (boepd). The production of the field is operated by Petroshahd, a joint venture company that owns the East Ras Qattara concession.
Kuwait Energy holds a 49.5% working interest in the East Ras Qattara concession. The remaining working interest is held by Sipetrol, who is also the operator of the concession.
Kuwait Energy plc Deputy Chairman and Chief Executive Officer, Sara Akbar, said, “We are extremely pleased with these very encouraging production rates which contribute a material increase to Kuwait Energy’s Egypt-based production. The appraisal well has successfully started production for commercial use under the joint venture company, Petroshahd.”
The Shahd SE-5 well was drilled as an appraisal well for the recently discovered Shahd SE-2 well to assess the size of oil reservoir in the Shahd SE oil field. The well was drilled at 9,823 feet, and the oil reservoir was found at the Lower Bahariya formation.
Egyptian operations contribute the largest share to Kuwait Energy’s working interest production today, comprising 17,500 boepd as of year-end 2011. The production level excludes the gas and condensate discoveries made in the Abu Sennan concession in August 2011.
Kuwait Energy is the operator of three blocks in Egypt namely the Area A, Burg El Arab development lease and Abu Sennan concession, and has working interest share in two other concessions, Mesaha and East Ras Qattara.
Notes to Editors:
- Kuwait Energy plc is one of the few independent oil and gas exploration and production companies operating in the Middle East
- Kuwait Energy plc has been profitable since inception in 2005, and currently operates in Egypt, Iraq, Yemen, Oman, Ukraine, Latvia, Russia and Pakistan
- Kuwait Energy plc’s proven and probable reserves at year end 2010 were 48.8 million barrels of oil equivalent and its current production is ~17,500 barrels of oil equivalent per day
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For more information, visit Kuwait Energy plc’s website at: www.kec.com.kw
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