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Kuwait Energy (the Company), one of the fastest growing independent oil and gas exploration and production companies in the Middle East, and its main partner in Egypt, the Egyptian General Petroleum Corporation, announce that they have begun production of oil and gas condensate in four wells within the Abu Sennan concession. The announcement follows successful exploration activities over the last eight months. The Abu Sennan concession is located in the Western Desert in Egypt.
Commercial production commenced with a total production flow rate of 2,200 barrels of oil equivalent per day (boepd) across the four wells. ZZ-4 well is presently producing at 267 barrels of oil per day (bopd), Al Ahmadi-1 well at 420 bopd, Al Jahraa-1X well at 500 bopd and El Salmiya-1 well at 1,000 barrels of condensate per day. Production flow was successful at the level of the Bahriya formation, the Abu Roash G, Abu Roash E, and Abu Roash C formations.
Kuwait Energy is the operator of the concession and holds a 50% working interest. The remaining working interest is held by Beach Petroleum (Egypt) Pty Ltd which holds a 22% working interest, and Dover Investments Limited with a 28% working interest. The Company had announced the discoveries of ZZ-4 and Al Ahmadi-1 wells in August 2011, the discovery of Al Jahraa-1X well in February 2012 and El Salmiya-1 well in March 2012.
Sara Akbar, Chief Executive Officer of Kuwait Energy, said:
This is a great milestone for Kuwait Energy in Egypt as it represents first production from the Abu Sennan concession and is a result of the four discoveries achieved over the last year. The Abu Sennan concession has yielded discoveries resulting in three development leases being granted within the concession yielding finds to date, and we look forward to starting our development activities for these leases.
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