Second Quarter 2014 Activity Report
Page 10
5.
E
XPLORATION
A
CTIVITY
:
Exploration expenditure during the Q2 2014 was US$23.0million, which was primarily spent on exploration
drilling in Egypt and Iraq. The table below provides the status of the wells drilled during 2014:
Country
Basin/
Area
Well
Target
Kuwait Energy
Cost Interest
Well Status at end Q2 2014
2013 Carry-over wells
Egypt
ERQ
Diaa-2
Oil
49.5%
Exploration target encountered no
hydrocarbon shows, however producing
from the already discovered Upper
Bahariya formation with an initial gross
rate of 100 bopd
Q1 2014
Egypt
BEA
BEA NW-1X
Oil
75.0%
Producer with an initial rate of 340 bopd
Abu
Sennan
Al Jahraa-2
Oil
78.0%
Producer with an initial rate of 1,200
bopd
Iraq
Block 9
Faihaa-1
Oil
70.0% *
Drilling
Q2 2014
Egypt
BEA
BEA SW-1
Oil
75%
Testing
* Pursuant to a farm out arrangement entered into with EGPC for a 10% working interest share in Block 9, Kuwait Energy’s cost
interest in Block 9 will be reduced to 60% upon the fulfilment of certain conditions precedent, including written approval from
the Iraqi government
6.
Q2 2014 F
INANCIALS
:
Unaudited Consolidated Statement of Income:
Consolidated Statement of Income
Actual
US$ Million
Q2 2014
Q1 2014
Q2 2013
Revenue (Net Sales)
72.3
67.3
64.2
Operating & General and Administrative Expenses
(19.5)
(21.0)
(22.6)
Operating Profit*
52.8
46.3
41.6
Notes:
All financial numbers are based on management accounts and are unaudited. Revenue reported is net of government
take and is based on management accounts which are unaudited.
The financial numbers for 2013 are restated on account of (a) Eurasia assets being classified as ‘held for sale’ as per
2013 audited accounts (b) Oman numbers being excluded due to application of IFRS 11 applicable from 1 Jan 2014.
*Operating profit is operating profit before depletion, impairment and exploration write-off
