15th discovery in Egypt since 2008

Kuwait Energy plc, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, announced that it has made an oil well discovery in the Western Desert in Egypt.  The new well is named Al Jahraa-1X and is located in the Abu Sennan exploration concession where Kuwait Energy is the operator and holds a 50% working interest.

The Al Jahraa-1X well was drilled at 12,210 feet depth and showed commercial flow rates of 835 barrel of oil equivalent per day (boepd) in the initial testing for production. Commercial production will kick-off once Kuwait Energy receives customary regulatory approvals from the Egyptian government on newly discovered wells.

This is Kuwait Energy’s fifteenth discovery in Egypt and its third oil discovery in the Abu Sennan concession.  The remaining working interest in the concession is held respectively by Dover Investments Limited with a 28% working interest and Beach Petroleum (Egypt) Pty Ltd with a 22% working interest.

Kuwait Energy plc Deputy Chairman and Chief Executive Officer, Sara Akbar, said: “The Abu Sennan concession is highly prospective, and we look forward to continue optimizing its potential through our planned exploration and development activities over the year.  The new find is a further contribution to the production capacity of the Egyptian energy sector.”

Egyptian operations contribute the largest share to Kuwait Energy’s working interest production today, comprising 17,700 barrels of oil equivalent 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 blocks: Mesaha concession and the Petroshahed development lease in East Ras Qattara.