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Wed 24 Aug 2011 06:14 PM

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Kuwait Energy announces two new discoveries in Egypt

New discoveries in Abu Sennan concession take total number of hydrocarbon finds to 13

Kuwait Energy announces two new discoveries in Egypt
(Photo for illustrative purposes only)

Kuwait Energy Company on Wednesday said announces it has discovered hydrocarbons in the GPZZ-4 and Al Ahmadi-1 wells located in the Abu Sennan concession in the Western Desert, Egypt.

The Abu Sennan concession is operated by Kuwait Energy, which holds a 50 percent working interest, and Beach Energy Limited (22 percent) and Dover Petroleum (28 percent).

The two new discoveries bring the total number of discoveries since 2008 by Kuwait Energy in Egypt to 13.

Kuwait Energy deputy chairman and CEO, Sara Akbar, said: "We have registered yet another success in Egypt with these discoveries. Production testing on both wells is still ongoing to assess the volumes and commerciality of the hydrocarbon shows.

"We look forward to encouraging results, as well as continued success in Egypt."

Kuwait Energy said last month that it may list shares exclusively in London after Qatar First Investment Bank bought a $16 million stake.

“We hope before the end of the year” the IPO will take place, Akbar said at the time.

In April, Kuwait Energy said it had reduced its stake in the Abu Sennan concession in Egypt from 72 percent to 50 percent.

The independent oil and gas exploration and production company said it sold the 22 percent stake to Australian company, Beach Energy Limited.

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Nader 9 years ago

Don't you find it a little strange that no figures have been released? Sure hydrocarbons were found, but how much was actually found nobody knows.

Kurt 9 years ago

Its a JV on 1 block, so its probably not an earth shattering amount, neither is it an entirely new hydrocarbon province...Not to mention the commerciality of the well has yet to be tested