Kuwait Energy Company KSCC, one of the fastest growing independent oil and gas companies in the Middle East, announced today that its shareholders approved an increase to the Company's authorized share capital from KD103,562,483 to KD127,000,000 for the purposes of a rights issue of 198,323,540 shares at 155 fils/share (at a nominal value of 100 fils per share with a premium of 55 fils per share) to existing shareholders.
Kuwait Energy Chairman and Managing Director, Dr. Manssour Aboukhamseen, said: "The rights issue will enable Kuwait Energy to pursue organic growth in our expansion plans, to develop recent discoveries and explore additional wells in our assets in the region, especially in Egypt."
Kuwait Energy is targeting an initial public offering (IPO) on the London and/or Kuwait stock markets within the next nine months, subject to market conditions. Once listed, the Company will become one of the few publicly available investment opportunities directly connecting investors to the Middle East's exploration and production sector.
Kuwait Energy has been profitable since establishment in 2005 and currently operates in Egypt, Yemen, Oman, Ukraine, Latvia, Russia, and Pakistan. Kuwait Energy's proven and probable reserves at year end 2009 were 51.2 million barrels of oil equivalent and its current production is approximately 14,000 barrels of oil equivalent per day.