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Who We Are
Kuwait Energy is an independent oil and gas company actively engaged in the exploration, appraisal, development
and production of hydrocarbons. Since establishment in 2005, we have built a high-quality, diversified portfolio of
oil and gas assets in the MENA region across Iraq, Egypt, Yemen and Oman. Our MENA portfolio consists of 10
exploration, development and production assets, of which we operate seven.
Kuwait Energy has its registered office in Jersey, its head office in Bahrain, its regional operational hub in Kuwait and
area offices in Basra, Baghdad, Cairo and Sana’a.
Key Highlights
Kuwait Energy experienced
1 recordable Lost Time Incident
(“LTI”) in its operated areas during the
reporting period of YTD March 2017. The LTI at Block 9, Iraq has been the
lone incident in over 2,334,893
man-hours worked YTD
, in Kuwait Energy’s operated areas.
Average daily WI production
for the period was
26,941 boepd.
The total WI production volume for the
period stands at 2.43 mmboe, in line with the budget for the period.
Block 9, Iraq
saw the
commencement of production from the Faihaa-3
well on 12 February 2017. The
stabilized initial production rate was 7,200 bbls (Gross) on a 44/64” choke size, with exit production for the
reporting period at
4,000 bbls (Gross) at a choke size of 40/64”
.
Kuwait Energy was allocated by SOMO
its second Iraqi oil cargo
of 350 kbbl (Kuwait Energy’s share) of
Basrah Light Crude Oil
. This payment covers Block 9 production for 2H 2016. The
total
value of proceeds
is expected to be approximately US$16m
, a percentage of which will be paid to Vitol as per the Forward
Sales Agreement signed in December.
Financial Reporting
Under the US$250m Senior Notes reporting requirements, Kuwait Energy is required to provide quarterly unaudited
management accounts within 90 days of the end of the first three quarters of the financial year and audited financial
statements within 120 days of the end of each financial year, all of which are available on the Kuwait Energy website
( www.kuwaitenergy.co ). The most recent financial report was issued on 30
th
September 2016 for unaudited 9 month
2016 financials, and the
next financial report will be for the audited YE 2016 accounts scheduled to be issued by
the end of April 2017.
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