KUWAIT ENERGY RECEIVES OFFICIAL APPROVAL ON FARM-OUT AGREEMENT WITH GLOBALCONNECT FOR ABU SENNAN, EGYPT

04 - October - 2017

KUWAIT ENERGY RECEIVES OFFICIAL APPROVAL ON FARM-OUT AGREEMENT WITH GLOBALCONNECT FOR ABU SENNAN, EGYPT

Kuwait City, Kuwait –4 October 2017: Kuwait Energy plc (“Kuwait Energy”) has announced the official acquirement of government and pre-emption approvals on its Farm-Out Agreement (FOA) signed on 15 December 2016 for 25% participating interest from its shares in the Abu Sennan concession in Egypt to GlobalConnect Ltd. (“GlobalConnect”). The Deed of Assignment (DOA) was signed on 9 September 2017 by the Chief Executive Officer of the Egyptian General Petroleum Company (“EGPC”); Abed Ezz Al Regal, and by the Minister of Petroleum and Mineral Resources; Tarek Al Molla.

On this occasion, Kuwait Energy’s CEO; Sara Akbar said:

“We are very pleased to have the farm-out agreement finalized with GlobalConnect in our Abu Sennan concession and to welcome an esteemed peer to our group of partners. We are confident this partnership with GlobalConnect will further enhance and expedite our exploration and development activities in Egypt alongside Rockhopper and Dover. We look forward to creating optimal value for our shareholders, host governments, and partners.

I would be remiss if I don’t tribute our continued success in Egypt to the outstanding support we have been receiving from the Egyptian General Petroleum Corporation with whom we are proud to have established a long-term business partnership.”

Sherif Foda; Founder and Chairman of GlobalConnect also expressed his exhilaration about the official inauguration of the FOA in Abu Sennan and said:

“We are thankful to the Government of Egypt and specifically to the Ministry of Petroleum for bestowing their trust in our company, thus rendering Abu Sennan our first actual project. We are both proud and honored to play an active role in the relaunch initiative of the Oil and Gas industry led by the ministry. This endeavor will enable us to further invest into the fast-growing economy of Egypt.

We anticipate working with all our partners; Dover and Rockhopper, alongside Kuwait Energy, who has exhibited an outstanding performance as operator of the Abu Sennan concession.”

Kuwait Energy now holds a 25% revenue interest, and remains the operator of the Abu Sennan concession. GlobalConnect can officially now assume its duties and responsibilities as a full partner in Abu Sennan Concession holding 25% participating interest alongside Dover Investment Ltd, Rockhopper Exploration plc who hold 28%, and 22% respectively.

  

About Kuwait Energy:

Kuwait Energy is an independent oil and gas company actively engaged in the exploration, appraisal, development and production of hydrocarbons. Kuwait Energy’s MENA portfolio consists of 10 oil and gas assets across Egypt, Iraq, Yemen and Oman of which it operates 7 assets. As at 31 December 2016, Kuwait Energy’s 2P working interest reserves are 810 mmboe and its 1H 2017 average daily working interest production is 26.9 kboepd.

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.

For further information, please visit Kuwait Energy website: www.kuwaitenergy.co

For contact:

Corporate Communications Department

  • Sager Albenali – Corporate Communications Lead

     Tel: +965 2576 7713

     E-mail: sager.albenali@kec.com.kw

  • Lara Tarakji – Corporate Communications Officer

      Tel: +965 2576 7700

      E-mail: lara.tarakji@kec.com.kw



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