Kuwait Energy announces latest oil discovery in Egypt

Kuwait Energy announced Monday a new oil discovery of (Ahmad-2) well, located in the Area A license in the Gulf of Suez, Egypt, adjacent to the Shukheir North West field. The (Ahmad-20 well encountered oil in the Rudeis formation for the first time in the Shukheir North West field and Ahmad area, and initial tests showed a production flow rate of 1,300 barrels of oil per day (bopd). This is the fifth exploration success in the Area A concession, and the 19th discovery in Egypt for Kuwait Energy since 2008. Kuwait Energys Chief Executive Officer, Sara Akbar said \"We are delighted to announce yet another exploration success at the Area A concession, which follows the discovery of the West Ahmad-1X well earlier this year. Area A is now our largest producing oil asset in Egypt and we look forward to more successes.\" Kuwait Energy started operating in Egypt in 2008 and its operations there contribute the largest share to the Companys current total working interest production. In Egypt, the Company operates three oil blocks, Area A, Burg El Arab development lease and the Abu Sennan concession, and has interests in two other non-Company-operated blocks, namely the Mesaha concession and the East Ras Qattara development lease. Kuwait Energy is the operator of the Area A license under a service agreement with Egypts General Petroleum Company (GPC). Kuwait Energy holds a 70 percent working interest in the license, and the remaining 30 percent interest is held by Petrogas E and P, of Oman.