Kuwait Energy is pleased to announce an oil discovery in the Area A concession situated in the Eastern Desert, Egypt.
The South Kheir-1X (SK-1X) well spud on 11 December 2017 and tested successfully on 28 January 2018 at an initial oil flow rate of 2,452 barrels of oil per day (bopd) from the Hamman Faraun MBR/Belayim formation at 128/64-inch choke size. On 6 February 2018 the well stabilized at an oil rate of 1,900 bopd on 64/64-inch choke size.
Abby Badwi, Chief Executive Officer of Kuwait Energy, said:
“I am pleased to announce this oil discovery, which is a direct result of our technical team reprocessing old 2D/3D seismic and identifying drillable exploration opportunities. The Area A concession has been producing since the 1960s and this discovery demonstrates Kuwait Energy’s ability to continue to find hydrocarbons in mature fields. Kuwait Energy is proud of its track record of around 50% exploration success rate in Egypt. These achievements could not have been possible without the ongoing support of the Egyptian General Petroleum Corporation, General Petroleum Company (GPC) and our non-operator partner Petrogas.”
Kuwait Energy holds a 70% revenue interest and is the operator of the Area A concession under a Service Agreement with GPC while Petrogas holds 30%.
About Kuwait Energy:
Kuwait Energy is an independent oil and gas company actively engaged in the exploration, appraisal, development and production of hydrocarbons across the MENA region. Since Kuwait Energy's establishment in 2005, the company has built up a diversified, majority operated asset portfolio. The company's current portfolio consists of ten oil and gas assets across Egypt, Iraq, Yemen and Oman of which it operates seven.
Kuwait Energy's audited 2P working interest reserves as at year-end 2016 stand at 810 mmboe and 2017 average daily working interest production was 26,819 boepd.
Kuwait Energy's registered office is located in Jersey, its head office is in Bahrain, its regional operational hub is in Kuwait and the company has area offices in Basra, Baghdad, Cairo and Sana'a.
