GlobalConnect completes acquisition of 25% interest in Abu Sennan Concession in Western Desert - ENERGY EGYPT / GLOBAL CONNECT

October 2, 2017

GlobalConnect Ltd., a newly established Oil and Gas Exploration and Production company with focus on MENA (Middle East and North Africa) region, has announced the final approval of Egypt government of its acquisition of 25% (twenty five percent) Participating Interest in the Concession Agreement for the Petroleum Exploration and Exploitation in Abu Sennan Area of Egypt Western Desert.

Farmout Agreement (FOA) was executed on December 15th, 2016, between Kuwait Energy plc (“Kuwait Energy”) and GlobalConnect with effective date of December 31st, 2016. FOA was signed by Sherif Foda – Founder and Chairman of GlobalConnect and Sara Akbar – CEO of Kuwait Energy.

Upon this final approval of Egypt government, GlobalConnect can officially assume its duties and responsibilities as full partner in the Abu Sennan concession.

Kuwait Energy signs farm-out agreement with Global Connect Ltd for Abu Sennan, Egypt - KUWAIT ENERGY

17 January 2017Kuwait City, Kuwait
Kuwait Energy plc (“Kuwait Energy”) is pleased to announce the signing of a Farm-Out Agreement (FOA) for 25% participating interest in the Abu Sennan concession fromits share, to Global Connect Limited (“Global Connect”); a recently established E&P Company with a focus on MENA region. The FOA was signed in Egypt on Thursday 15 December 2016 and it is effective as of 31 December 2016. The agreement remains subject to government and pre-emption approvals.

The agreement was signed by Sara Akbar, the CEO of Kuwait Energy and Sherif Foda, Founder and Chairman of Global Connect.

On this occasion, Sara Akbar said:

“We are very pleased to welcome a new partner in the Abu Sennan concession. Along with Dover and Rockhopper, Global Connect will now support the concession in the development and exploration efforts. The team at Global Connect brings in a wealth of technical expertise based on their previous experiences. We look forward to working alongside one another to create optimal value for Egypt and all the partners”.

Kuwait Energy starts production from Egypt's Al-Jahra SE-1X oil well - KUWAIT NEWS AGENCY (KUNA)

05/09/2016 

By Osama Jalal

KUWAI, Sept 5 (KUNA) -- Kuwait Energy plc (Kuwait Energy) announced on Monday the commencement of production from the Al-Jahra SE-1X exploration well in the Abu Sennan concession located in Egypt's Western Desert.

After discovery of the well on 27 July 2016, Kuwait Energy obtained the development lease from the Egyptian Petroleum Corporation (EGPC) for Al-Jahra SE-1X on 24 August and commenced production a day later, at an initial rate of 460 barrels of oil per day (bopd).

The well is producing at a 2" inch choke size and production has stabilized to a daily average rate of 410 bopd, Sara Akbar, CEO of Kuwait Energy told KUNA.