Operational Activity - YTD June 2017

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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 in the reporting period of YTD June 2017 has experienced one recordable Lost Time Incident
(“LTI”) in its operated areas, this was the LTI at Block 9 (Iraq) reported in the last Operational Activity Report
(“OAR”). The LTI at Block 9 has been the lone incident in over 4.7million man-hours worked YTD in Kuwait
Energy’s operated areas.
 Average daily WI production for the period was 27,405 boepd. The total WI production volume for the
period stands at nearly 5 mmboe, in line with expectations for the period.
 At Block 9 (Iraq), Kuwait Energy on the 21 April 2017 spud its 4th well - Faihaa-4. At the end of the reporting
period drilling at Faihaa-4 was near 60% of the target depth.
 In Basra (Iraq) the Company on 18 May 2017 completed the official signing of the farm-out of 25% WI of
the Siba (Iraq) concession to Kuwait Energy’s key regional partner – Egyptian General Petroleum Company
(“EGPC”).
 Kuwait Energy received a second Iraqi cargo payment on 9May 2017 of 350 kbbl (Kuwait Energy’s share)
of Basra Light Crude Oil. This payment covered Block 9 (Iraq) production for the period 2H 2016 and the
value of the cargo was approximately US$17 million.
 Linked to the successful second Iraqi cargo payment Kuwait Energy on 15 May 2017 received a second
drawdown from the Vitol Forward Sales Agreement of US$20 million. The funds will primarily aid in the
development of the Block 9 (Iraq) concession.
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
. The most recent financial report was issued in mid-June for unaudited Q1 2017 financials
and the next financial report will be for the 1H 2017 accounts, scheduled to be issued by the end of September
2017.
AT A GLANCE