107
August 2005
Incorporation of KEC Kuwait as Zahra Oil and Gas Company KSCC
Raised $3.4 million from initial investors
March 2006
Signed a service contract for the Karim Small Fields cluster in Oman
May 2006
Raised $83.9 million via a private placement of shares
June 2006
Acquired a 30% revenue interest in Burg El Arab field in Egypt
December 2006
Won international auction for Blocks 82 and 83 in Yemen
January 2007
Acquired an additional 20% revenue interest in Burg El Arab field in Egypt, raising the Group
total to a 50% revenue interest
Raised $85.5 million via a private placement of shares and entered into a $50 million line of credit
guarantee facility with BNP-Paribas
April 2007
Acquired a 37% revenue interest in Luzskoye field in Russia
July 2007
Acquired a 40% revenue interest in the Kunri exploration block in Pakistan and 60% revenue
interest in the Abu Sennan block in Egypt
September 2007
Signed a Memorandum of Cooperation with the Iraqi Ministry of Oil, to provide a study of the
Siba gas field and training a number of personnel
December 2007
Acquired Cardinal Resources’ working interests in Ukraine, raising the Group total to a 100%
revenue interests in its Ukrainian assets
January 2008
Acquired a 40% revenue interest in Jherruck Block in Pakistan and an additional 9% revenue
interest in Abu Sennan, Egypt, raising the Group total to a 69% revenue interest
March 2008
Acquired a 45% revenue interest in Offshore Licence 1 in Latvia
August 2008
Acquired 8 blocks from Oil Search (MENA) in Egypt and Yemen
September 2008
Raised $310.4 million via a private placement of shares
October 2008
Acquired an additional 3% working interest in Abu Sennan, Egypt, raising the Group total to a
72% revenue interest
January 2009
Raised $23.6 million via a private placement of shares
July 2009
Acquired an additional 25% revenue interest in, and operatorship of, the Burg El Arab field in
Egypt, raising the Group total to a 75% revenue interest. Awarded the North Block in Latvia with a
45% revenue interest and the block’s operatorship
September 2009
Entered into a $50 million loan facility with the IFC
January 2010
Farmed out a 25% revenue interest in JAA 429 in Ukraine to Ukrbud, lowering the Group’s total
revenue interest to 25%
June 2010
Pre-qualified by the Iraqi Oil Ministry to bid as an operator in future bidding rounds
August 2010
Farmed out a 22% revenue interest in Abu Sennan, Egypt and a 15% revenue interest in Mesaha
(Block 6) in Egypt to Beach Energy Limited, lowering the Group’s total revenue interest to 50%
