Kuwait Energy finds oil in East Ras Qattara, Egypt

The wells Shahed and Rana, have a combined daily production rate of 5,285 barrels of oil, and expected reserves of 3.5 million barrels of oil.

Kuwait Energy's share and working interest of the field is 49.50%.

The oil fields Rana and Shahed are located respectively 70 km and 100 km from Giza.

This is the first discovery in Egypt by Kuwait Energy since it entered the country in 2006.
Kuwait Energy has five exploration assets in Egypt, three of which are also producing assets.

Kuwait Energy Vice Chairman and CEO Ms. Sara Akbar: "This is a very important discovery for Egypt, Kuwait Energy, and our partners for the value it brings to Egypt's energy policy and customers. Along with our partners in Egypt, we are very excited to announce this discovery."

Established in 2005, Kuwait Energy is the fastest growing non-governmental exploration and production company in the Middle East with operations across the Middle East, Eastern Europe, and Pakistan.

Today, the company has a total of 19 exploration blocks in seven countries, 11 producing assets in six countries, and operates 10 fields in four countries.

Kuwait Energy has been profitable since its first operational year.

Kuwait Energy and the $200m acquisition of Oil Search MENA

The East Ras Qattara field was one of the assets acquired in Kuwait Energy's 100% acquisition of Oil Search Middle East and North Africa in April, 2008.

The $200m acquisition included exploration and production assets in Egypt and Yemen with various attractive working interests.

The added value of the transaction was that it provided Kuwait Energy with a balanced portfolio of producing and exploration assets in an area that is at core of Kuwait Energy's long-term's strategy.

The acquired assets were:

Group Company/ Asset/ Percentage Interest
Oil Search Eastern Desert S.A.E. Area A, Egypt* 70%
Oil Search (Egypt) Limited East Ras Qattara, Egypt 49.5%
Oil Search (Egypt) Limited Block 6, Egypt 30%
Oil Search (Yemen) Limited Block 15, Yemen* 35%
Oil Search (Yemen) Limited Block 35, Yemen* 32.50%
Oil Search (Yemen) Limited Block 43, Yemen 28.33%
Oil Search (Yemen) Limited Block 49, Yemen 42.33%
Oil Search (Yemen) Limited Block 74, Yemen* 34%

Kuwait Energy in Egypt

Since 2006, Kuwait energy has been operating in Egypt through various partnerships and agreements from exploration mandates to production and operations mandates. The company's production capacity in Egypt has grown by 456% since 2006.