Egypt Kuwait Hldg says makes major oil discovery

CAIRO, Feb 3 (Reuters) – Egypt Kuwait Holding <EKHO.CA> said on Sunday one of its affiliates made a significant oil discovery in Egypt in the North Shadwan Concession located in the Gulf of Suez.
The company said in a statement Tri Ocean energy company, of which it owns 76.86 percent, and its partner BP Egypt made the discovery, with an expected productivity of 10,000 barrels per day on average.
Tri Ocean has 50 percent equity share in the concession while BP Egypt, a unit of BP Plc <BP.L>, owns the rest.
In addition to Egypt Kuwait Holding, the investment arm of the Kuwaiti Al Kharafi group in Egypt, another Kharafi affiliate owns about 10 percent of Tri Ocean. The Commercial International Bank <COMI.CA> <COMIq.L> owns 14 percent.
Shares in Egypt Kuwait Holding were up 7.2 percent at $3.14 by 1202 GMT. ($1 = 5.54 Egyptian pounds) (Reporting by Wael Gamal; Editing by David Holmes)



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