Kuwait energy new oil discovery in Suez, Egypt

Kuwait Energy Plc, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, today announced a new oil discovery in Egypt’s Ahmad-1X well, located in the Gulf of Suez’s Area A concession. The newly discovered Ahmad-1X well was drilled to 2,110 meters depth. The initial test recorded a flow rate of 890 barrels of oil equivalent per day from the Kareem formation level. This discovery brings the total number of oil, gas and condensate discoveries made by Kuwait Energy in Egypt, since 2008, to 14 discoveries, three of which were made in Area A. Kuwait Energy is the operator of Area A and holds a 70% working interest. Omani independent Petrogas E&P holds the remaining 30% interest. Kuwait Energy Plc Deputy Chairman and Chief Executive Officer, Sara Akbar, said: “The Ahmad-1X well is located in a potentially rich area and we look forward to continuing testing and development activities in the area to reach its maximum potential.  This is a further contribution to the productive capacity of the Egyptian energy sector and we are glad to play a part in this success.” Egyptian operations contribute the largest share to Kuwait Energy’s working interest production, comprising 17,700 barrels of oil equivalent by the end of 2011.  Kuwait Energy is the operator of three blocks in Egypt, namely the Area A, Burg El Arab development lease and the Abu Sennan concession. It also has interests in two other non-operated blocks: Mesaha concession and East Ras Qattara development lease.