Bond Offering Memorandum 23 July 2014 - page 284

Kuwait Energy
EL-12-211107
21
Overall, the average production rate for March, 2014 was 1,600 bopd from 12 wells, with
a water cut of 42%, and reached more than 2,000 bopd at end May when BEA-18 and
BEA-NW-1X were put into production. Cumulative oil production to end March, 2014 is
2.96 MMBbl. Gas produced from the field is not sold; only a small quantity is produced.
FIGURE 1.3
BEA FIELD, EGYPT
KE revised its STOIIP estimates in 2012. GCA’s independent checks indicated that the
overall volumes are reasonable in the aggregate. The STOIIP estimates suggest that the
field is underdeveloped, with a recovery factor to date of only 2-4%. Undeveloped
Reserves have thus been attributed based on volumetric estimates of ultimate recovery
(combining STOIIP estimates with ultimate recovery factor estimates). To determine the
number of new wells required in each case, average recovery per well has been
estimated based on plausible initial and decline rates.
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