Kuwait Energy finds further Western Desert pay

Kuwait Energy CEO Sara Akbar: pleased with increased potenial of Egyptian assets.

Kuwait Energy a private sector independent explorer, today announced a significant increase in production from the Shahd SE field located in the East Ras Qattara concession in the Western Desert in Egypt following the successful drilling of the appraisal well Shahd SE-5, which revealed a larger oil reservoir than were shown in the original discovery well, Shahad SE-2.

The Shahd SE-5 well was drilled as an appraisal well for the recently discovered Shahd SE-2 well to assess the size of oil reservoir in the Shahd SE oil field. The well was drilled at 9,823 feet, and the oil reservoir was found at the Lower Bahariya formation.

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The Shahad SE-5 well is producing at an average 5,011 barrels of oil equivalent per day (boepd). The production of the field is operated by Petroshahd, a joint venture company that owns the East Ras Qattara concession.

Kuwait Energy holds a 49.5% working interest in the East Ras Qattara concession. The remaining working interest is held by Sipetrol, who is also the operator of the concession.

Kuwait Energy plc Deputy Chairman and Chief Executive Officer, Sara Akbar, said, “We are extremely pleased with these very encouraging production rates which contribute a material increase to Kuwait Energy’s Egypt-based production. The appraisal well has successfully started production for commercial use under the joint venture company, Petroshahd.”