Company name Kuwait Energy PLC
Headline Resignation of CEO and Appointment of Interim CEO

RNS Number : 9583Y
Kuwait Energy PLC
11 December 2017



Kuwait Energy Group plc


Company Announcement - Resignation of Chief Executive Officer and Appointment of Interim Replacement


Kuwait City, Kuwait - 11 December 2017: Kuwait Energy plc (the "Company"), an independent oil and gas company, announced today the resignation of its co-founder and Chief Executive Officer (CEO) Sara Akbar from her positions as an Executive Director on the Board and as CEO with effect from Monday 11 December 2017.


Executive Chairman, Dr Mansour Aboukhamseen, expressed his appreciation and gratitude for his fellow co-founder's leading role and unparalleled efforts in establishing and growing Kuwait Energy, over the last 12 years, to be a leading MENA-based independent oil & gas company today. Speaking on behalf of the Board, Dr Mansour said:


"We are deeply saddened today. The Board of Directors accepted Sara's resignation with a heavy heart. Sara has been an instrumental asset in the growth trajectory of Kuwait Energy. She, along with the other founders, were pioneers in establishing an independent oil and gas company in our region. Without her vision, efforts and continuous operational delivery, through the most turbulent of times in our region and in international markets, Kuwait Energy wouldn't be where it is today."


On her departure, Sara Akbar said:


"Over the last 12 years, I have dedicated my life to the growth of Kuwait Energy working diligently in the interest of the Company and all of its shareholders. I feel very fortunate that I had the opportunity to lead and work alongside a group of more than 600 creative and talented individuals from across the world. Today, as I reflect, I stand very proud of what we all have managed to achieve despite the challenging environment. The decision to leave Kuwait Energy was not an easy one for me. I remain - as I always have - committed to serving the best interest of the Company post my departure and wish the new management every success in the Company's future."


The Board of Directors have appointed Abdel (Abby) Badwi as the interim CEO to ensure transition in the leadership of the Company. Mr. Badwi has been an independent board member since 2014 and is an experienced public company executive with more than 40 years' experience in the oil and gas industry. Further information on Mr. Badwi can be found on our website here.




Contact Details:


Hussain Al Mosawy

Tel: +965 2576 7722

Vice President - Strategic Corporate Affairs



Notes to Editors:


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. Kuwait Energy's audited 2P working interest reserves as at year-end 2016 stand at 810 mmboe and average daily working interest production for the period YTD September 2017 stood at 26,962 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:




This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.


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The company news service from the London Stock Exchange