Gaffney, Cline & Associates Limited
Bentley Hall, Blacknest
Alton, Hampshire GU34 4PU, UK
Telephone: +44 (0)1420 525366
JWB/cxd/EL-12-211107/0274
10
th
July, 2014
The Directors
Kuwait Energy plc.
Queensway House
Hilgrove Street
St. Helier
Jersey
JE1 1ES
Channel Islands
Merrill Lynch International
2 King Edward Street
London
EC1A 1HQ
Dear Sirs,
INTRODUCTION
At the request of Kuwait Energy plc. (KE), Gaffney, Cline and Associates (GCA) has
performed an independent technical and economic assessment of the Reserves,
Contingent Resources and Prospective Resources in the oil and gas assets in which KE
holds and plans to maintain an interest, as at an Effective Date of 31
st
May, 2014. KE’s
relevant assets are located in Egypt, Yemen, Iraq, Oman and Pakistan (Figure 0.1).
GCA understands that KE intends to include this Competent Person’s Report (CPR) in
the Offering Documentation for a Bond Transaction arranged by Merrill Lynch
International (BAML). The Bond would be offered only to institutional investors outside of
the United States. This CPR has been prepared for that purpose, and must only be used
for that purpose.
GCA confirms that, in preparing this CPR, it has acted as an independent consultant to
audit, estimate, assess and evaluate, as appropriate to circumstances, the Reserves,
Contingent Resources and Prospective Resources in KE’s oil and gas assets.
