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Kuwait Energy posts record revenues of $65.8m$

Revenues up 44.3% over previous quarter as production and prices soar

Sarah Akbar of Kuwait Energy. GETTY IMAGES
Sarah Akbar of Kuwait Energy. GETTY IMAGES

Kuwaiti oil and gas explorer Kuwait Energy, today issued its quarterly report for Q1 2012, reporting unaudited record revenues of US$65.8 million, up 58.9% from Q1 2011 and 44.3% from Q4 2011.

The comany's profitability for the quarter was not disclosed, and will be announced following the company's AGM, said a company spokesperson

Kuwait Energy also achieved a new record quarterly production rate of 17,370 barrels of oil equivalent per day (boepd) at the end of Q1 2012, up 33.8% from Q1 2011 and 15.7% from Q4 2011, supported by an increase in production in Egypt from exploration successes and development wells brought on line.

Kuwait Energy Chief Executive Officer, Sara Akbar, said: “We’ve closed yet another record quarter, mainly thanks to our recent discoveries in Egypt and an increase in production from Oman and Russia. The first quarter was also a milestone operationally with the launch of the first phase of operations in the Siba gas field in Iraq. We look forward to continued operational successes in the countries we operate in the Middle East.”

Operational highlights

• In Egypt, four new exploration wells were spud and four other wells were carried over from 2011. Kuwait Energy made three successes from the carry over wells: the Al Jahraa-1X and El Salmiya-1 wells located in the Abu Sennan concession, and the Ahmad-1X located in Area A. The Company also made a successful discovery from one of the spudded wells in 2012: West Ahmad-1X in Area A started producing at a gross initial rate of 1,250 boepd.

• In Oman, six wells were drilled in the Karim Small Fields. Four of these wells were completed and started producing at the end of the quarter with an initial production rate ranging between 100 and 250 boepd. The two other wells were still drilling at the end of the quarter.

• In Russia, two development wells (324 and 336) were drilled in the Luzskoye field, with well 324 producing at a gross initial rate of approximately 150 boepd and well 336 was still being completed at the end of the quarter.

The company has also evaluated a number of the exploration blocks up for grabs in the fourth auction of Iraqi oil and gas concessions.

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