234
Limited, Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands. KEC (Egypt) Limited
is engaged in the exploration and production of hydrocarbons in Egypt in Easr Ras Qattara. For the year ended
31 December 2013, KEC (MENA) Limited represented EBITDAX of $97.4 million and net assets of $85.8
million on a stand-alone basis excluding intra-Group items, representing 53.4% and 16.8%, respectively, of the
Group’s EBITDAX and net assets as at and for the year ended 31 December 2013. Giving effect to the issuance
of the Notes and the use of the proceeds thereof, there will be no encumbrances on the assets of KEC (Egypt)
Limited that could materially affect its ability to meet its obligations under the Note Guarantee. Although KEC
(Egypt) Limited may be affected by some or all the general risks set out in “
Risk Factors
”, we do not believe
there are any risks specific to KEC (MENA) Limited that could adversely impact on its Note Guarantee.
3.
KEC (Yemen) Ltd is a company limited by shares incorporated under the laws of the British Virgin Islands on
31 March 2000 with registration number 379729 and registered address at Maples Corporate Services (BVI)
Limited, Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands. KEC (Yemen) Ltd is
actively engaged in the exploration and production of hydrocarbons in Yemen of Blocks 35, 43 and 49. For the
year ended 31 December 2013, KEC (MENA) Limited represented EBITDAX of $3.1 million and net assets of
$33.4 million on a consolidated basis with its subsidiaries and excluding intra-Group items, representing 1.7%
and 6.5%, respectively, of the Group’s EBITDAX and net assets as at and for the year ended 31 December
2013. Giving effect to the issuance of the Notes and the use of the proceeds thereof, there will be no
encumbrances on the assets of KEC (Yemen) Ltd that could materially affect its ability to meet its obligations
under the Note Guarantee. Although KEC (Yemen) Ltd may be affected by some or all the general risks set out
in “
Risk Factors
”, we do not believe there are any risks specific to KEC (Yemen) Ltd that could adversely
impact on its Note Guarantee.
4.
Jannah Hunt Oil Company Limited is a Business Company incorporated under the laws of the British Virgin
Islands on 7 December 2012 with registration number 1749274 and registered address at Maples Corporate
Services (BVI) Limited, Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands. Jannah
Hunt Oil Company Limited is engaged in the exploration and production of hydrocarbons in Yemen in Block 5.
For the year ended 31 December 2013, Jannah Hunt Oil Company Limited represented EBITDAX of $37.0
million and net assets of $108.8 million on a stand-alone basis excluding intra-Group items, representing 20.3%
and 21.3%, respectively, of the Group’s EBITDAX and net assets as at and for the year ended 31 December
2013. Giving effect to the issuance of the Notes and the use of the proceeds thereof, there will be no
encumbrances on the assets of Jannah Hunt Oil Company Limited that could materially affect its ability to meet
its obligations under the Note Guarantee. Although Jannah Hunt Oil Company Limited may be affected by
some or all the general risks set out in “
Risk Factors
”, we do not believe there are any risks specific to Jannah
Hunt Oil Company Limited that could adversely impact on its Note Guarantee.
5.
Kuwait Energy Egypt Limited is a Business Company incorporated under the laws of the British Virgin Islands
on 25 April 2006 with registration number 1023567 and registered address at Maples Corporate Services (BVI)
Limited, Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands. Kuwait Energy Egypt
Limited is engaged in the exploration and production of hydrocarbons in Egypt in Abu Sennan and Burg El
Arab. For the year ended 31 December 2013, Kuwait Energy Egypt Ltd represented EBITDAX of $16.7 million
and net assets of $158.0 million on a stand-alone basis excluding intra-Group items, representing 9.2% and
31.0%, respectively, of the Group’s EBITDAX and net assets as at and for the year ended 31 December 2013.
Giving effect to the issuance of the Notes and the use of the proceeds thereof, there will be no encumbrances on
the assets of Kuwait Energy Egypt Ltd that could materially affect its ability to meet its obligations under the
Note Guarantee. Although Kuwait Energy Egypt Ltd may be affected by some or all the general risks set out in
“
Risk Factors
”, we do not believe there are any risks specific to Kuwait Energy Egypt Ltd that could adversely
impact on its Note Guarantee.
