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Kuwait Energy provides an update on its Iraq operations

15 - August - 2014

Kuwait, 15 August 2014: Following recent developments in the north of Iraq, Kuwait Energy today confirms that, despite logistical challenges due to the current situation, the Company's operations in its Block-9 and the Siba Contract Areas in Iraq remain largely unaffected and continue on schedule.  
In Siba, the appraisal well Siba-4 is at 3,700 meters out of total targeted depth of 4,200 meters and drilling is ongoing at the time of this statement.  In parallel, civil work activities, pipeline construction and laydown, and receipt of long lead items are ongoing.  
In Block-9, the drilling of the exploration well continues and is currently at 3,050 meters out of circa 4,500 meters targeted depth.  The demining activities are picking up pace and continue unaffected at the time of this statement.  

     
With regard to Mansuriya, the Consortium has arranged with Midland Oil Company to halt activities until the security situation in the vicinity improves. Meanwhile, the joint venture partners continue to discuss strategy with respect to the development of the Mansuriya Contract Area going forward.  
We would like to re-assure shareholders that currently there is no immediate threat to any of the Company's operations in the region. However, the safety of our workforce is our number one priority, and as such we, alongside our partners, continue to monitor the situation closely.

Notes to Editors

  •  Kuwait Energy is an independent oil and gas exploration and production company operating in the MENA region; 
  •  Kuwait Energy’s working interest proven and probable reserves as at 31 May 2014 are 165.7 million barrels of oil equivalent and its current production has reached approximately 25,069 barrels of oil equivalent per day.

For more information, visit Kuwait Energy’s website at: http://www.kuwaitenergy.com.kw/
Contact:
Kuwait Energy  +965 25767724  
Besma Al-Qassar, Corporate Communications Manager:


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