Company name Kuwait Energy PLC
Headline Block 9, Iraq: Faihaa-3 commences oil production


RNS Number : 1982Y
Kuwait Energy PLC
01 March 2017
 

PRESS RELEASE

Block 9, Iraq: Faihaa-3 well commences oil production

Kuwait City, Kuwait - 01 March 2017: Kuwait Energy is pleased to announce the commencement of oil production from the Faihaa-3 well located in the Block 9 concession situated in the Basra Governorate, in Southern Iraq.

The Faihaa-3 well started commercial production on 12 February 2017 at 40/64 inch choke size and has stabilized at a gross daily rate of 5,200 barrels of oil per day (bopd). The well was spudded on 31 August 2016 and was completed on 11 February 2017. Currently, Kuwait Energy's Working Interest (WI) production in Block 9 stands at approximately 10,000 bopd.

Kuwait Energy holds a 60% interest and is the operator of the Block 9 concession, while Dragon Oil holds 30% and the Egyptian General Petroleum Corporation holds 10%. The Faihaa-3 well is located in the Block 9 concession and is producing from the Yamama formation.

Sara Akbar, Chief Executive Officer of Kuwait Energy, said:

"Today's announcement demonstrates the continued success of our Block-9 asset in Iraq.  The production rate achieved from the Faihaa-3 well marks another execution milestone in Kuwait Energy's capabilities and further adds value to this significant asset. Our continued success in Block 9 could not have been achieved without the unparalleled support from our team, the Iraqi Ministry of Oil, South Oil Company and our partners on the ground in Basra."

CONTACT DETAILS

Kuwait Energy

Sager Albenali, Corporate Communications Lead

Tel: +965 2576 7713

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

Bell Pottinger (PR Advisors)

Nick Lambert / Lorna Cobbett

Tel: +44 20 3772 2500

E-mail: kuwaitenergy@bellpottinger.com

NOTES TO EDITORS

About Kuwait Energy:

Kuwait Energy is an independent oil and gas company actively engaged in the exploration, appraisal, development and production of hydrocarbons across the MENA region. Since Kuwait Energy's establishment in 2005, the company has built up a diversified, majority operated asset portfolio. The company's current portfolio consists of ten oil and gas assets across Egypt, Iraq, Yemen and Oman of which it operates seven.

Kuwait Energy has a proven record of working in the MENA region and is recognised by governments, peers and local communities as a trusted and capable partner.

As at 31 December 2015, Kuwait Energy's 2P working interest reserves were 818 mmboe and 2016 average daily working interest production was 24,573 boepd.

Kuwait Energy's registered office is located in Jersey, its head office is in Bahrain, its regional operational hub is in Kuwait and the company has area offices in Basra, Baghdad, Cairo and Sana'a.

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

 

This announcement has been issued through the Companies Announcement Service of

The Irish Stock Exchange

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ISEKFLBBDXFLBBE