2 / 9
2
Who We Are
Kuwait Energy is an independent oil and gas company actively engaged in the exploration, appraisal, development
and production of hydrocarbons. Since establishment in 2005, we have built a high-quality, diversified portfolio of
oil and gas assets in the MENA region across Iraq, Egypt, Yemen and Oman. Our MENA portfolio consists of 10
exploration, development and production assets, of which we operate seven.
Kuwait Energy has its registered office in Jersey, its head office in Bahrain, its regional operational hub in Kuwait and
area offices in Basra, Baghdad, Cairo and Sana’a.
Key Highlights
No recordable Lost Time Incident
(“LTI”) took place in Kuwait Energy’s operated areas during this quarter
with three of the Group’s main operated areas (BEA, SIBA and Block 9)
achieving over one million man-
worked hours without LTI
.
Average daily Working Interest
(“WI”)
production
for Q3 2016 is
22,742 boepd
; a decrease of 4.7%, as
compared to Q2 2016 mainly due to Egyptian natural decline and a maintenance production shut in of Block
9.
The YTD September 2016 average daily WI production is 24,088 boepd
.
Faihaa-2 well
in Block 9
, Iraq
began production testing on 23
rd
September 2016
. On 1
st
October 2016, the
well started commercial production on 36/64” choke size and has stabilsed at a gross rate of 5,600 bopd
.
Faihaa-1 well in Block 9
, Iraq
continues to produce steadily
with Q3 2016 average daily WI production of
2,850
boepd
(
YTD average daily WI production of
3,119 boepd
); a slight decrease from last quarter’s
production, the main reason being a short shut in for maintenance in August.
Faihaa-3 well
in Block 9, was spud and drilling is ahead of schedule for production in Q1 2017.
Kuwait Energy is scheduled to
receive payment from Iraq
in the form of Crude Oil
with the first cargo
approved
by SOMO
for 30
th
October 2016.
Abu Sennan in Egypt,
production
began from the
Al Jahraa SE-1X
new exploration discovery, additionally
production began
from the development well
ASH-1X (ST2
).
ERQ in Egypt, pre-commissioning and startup operations commenced during July and the transporting of
Oil to Quarn receiving area through the 10" shipping line on
27
th
August 2016.
Block 5 production in Yemen
remains on hold.
Financial Reporting
Under the US$250 million Senior Notes reporting requirements, Kuwait Energy is required to provide quarterly
unaudited management accounts within 90 days of the end of the first three quarters of the financial year and
audited financial statements within 120 days of the end of each financial year, all of which are available on the Kuwait
Energy website
( www.kuwaitenergy.co ). The most recent financial report was issued on 30
th
September 2016 for
audited 1
st
Half 2016 financials, and the
next financial report will be for Q3 2016 scheduled to be issued in
December 2016
.
A
T A
G
LANCE