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”.
Sherif Foda said:
“We are thrilled to venture into our first ever concession in Egypt and to be partners with an operator such as Kuwait Energy, who have an unparalleled track record in the country. We are very proud to be working in Egypt and establishing strong presence in the region’s E&P industry. The recent exploration success in Abu Sennan has increased the field’s productivity and as a recently established Company, it is critical that we focus on producing, cash-generating assets”.
With the completion of this transaction, Kuwait Energy now holds a 25% revenue interest, and is the operator of the Abu Sennan concession. Dover Investment Ltd, Global Connect and Rockhopper Exploration plc hold 28%, 25% and 22% respectively.
About Kuwait Energy:
Kuwait Energy is an independent oil and gas company actively engaged in the exploration, appraisal, development and production of hydrocarbons.
Kuwait Energy’s MENA portfolio consists of 10 oil and gas assets across Egypt, Iraq, Yemen and Oman of which it operates 7 assets.
As at 31 December 2015, Kuwait Energy’s 2P working interest reserves are 818 mmboe and its 2016 average daily working interest production is 24,573 boepd.
Kuwait Energy has its registered office in Jersey, its head office in Bahrain, its regional operational hub in Kuwait and area offices in Basra, Baghdad, Cairo and Sana’a.
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