Kuwait Energy Announces New Oil Discovery & Increased Interest in Asset

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Kuwait Energy Company, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, today announced the discovery of a new oil well in the northern area of Burg El-Arab (BEA) field in the Egyptian western desert,  one of its producing assets in Egypt’s Western Desert.

The newly discovered well BEA N-1X is located in a separate fault block in the northern part of the field.   The well was production tested on December 22, 2009 and produced at an initial rate of 280 barrels of 33 API oil per day with no water.

KEC believes that there is excellent exploration potential within the Burg El-Arab block, both in the current producing horizons as well as in the deeper Jurassic formation.

KEC made this discovery only two months after taking over operatorship. The operatorship of BEA was transferred from Gharib Oil Fields to KEC on August 4, 2009 as part of the agreement whereby KEC acquired a further 25% working interest from Gharib Oil Fields, increasing KEC’s total working interest in the BEA field to 75%.

KEC Deputy Chairman and CEO, Sara Akbar, said:  “The new discovery is another milestone for KEC’s exploration efforts in Egypt.  We continue to work closely with the Egyptian government on development and exploration plans.  We are proud of our Exploration and Operations team in Egypt and its high-quality technical expertise. This discovery is a result of their ongoing efforts.

“Our aggressive exploration and production plans go hand-in-hand with our continuous and intensive focus on health, safety and environmental issues. I am particularly happy, in this context, to announce that our team in Egypt has achieved one-year of incident-free operations, and I would like to thank all our staff for this achievement”.