108
and 15%, respectively
November 2010
Raised $107 million via a rights issue to existing shareholders
December 2010
Acquired an additional 63% revenue interest in Luzskoye and Chikshina assets in Russia from
Concorde Oil & Gas, raising the Group’s total working interest in both assets to 100%
June 2011
Signed two 20 year gas development production and service contracts for the Siba and Mansuriya
fields in Iraq
December 2011
Completed the 2011 Restructuring, in which KEC Kuwait transferred most of the then-existing
subsidiaries and assets to the Issuer, newly established in Jersey, which became the holding
company of the Group
April 2012
Signed convertible loan facility with Abraaj Capital for up to $150 million
May 2012
Won the exploration and development production service contract for Block 9, located near Basra,
Iraq pursuant to an international auction process
June 2012
Signed a $165 million reserve-based lending facility
August 2012
Signed convertible loan facility with Qatar First Bank for up to $150 million
December 2012
Closed the $165 million reserve-based lending facility
January 2013
Completed acquisition of Jannah Hunt Oil Company (“
JHOC
”), a company operating in Yemen
with a 15% participating interest and operatorship in Block 5. Block 5 is located in the Marib-
Shabwa basin
Signed exploration and development service contract for Block 9, Iraq
September 2013
Signed a $60 million term loan facility with Arab Bank
April 2014
Completed the disposal of the Group’s Ukraine assets
Recent Developments
Average daily working interest production for the six months ended 30 June 2014
For the six months
ended 30 June
2014
(boepd)
Location
Egypt
Abu Sennan ...........................................
619
Area A ...................................................
4,342
Burg El Arab .........................................
1,180
ERQ.......................................................
10,241
Egypt Total
.........................................................
16,382
Yemen
Block 5 .....................................................
3,793
