Kuwait Energy announces 2 discoveries in Egypt

Kuwait Energy Company on Wednesday said announces it has discovered hydrocarbons in the GPZZ-4 and Al Ahmadi-1 wells located in the Abu Sennan concession in the Western Desert, Egypt.The Abu Sennan concession is operated by Kuwait Energy, which holds a 50 percent working interest, and Beach Energy Limited (22 percent) and Dover Petroleum (28 percent). The two new discoveries bring the total number of discoveries since 2008 by Kuwait Energy in Egypt to 13.Kuwait Energy deputy chairman and CEO, Sara Akbar, said: "We have registered yet another success in Egypt with these discoveries. Production testing on both wells is still ongoing to assess the volumes and commerciality of the hydrocarbon shows. "We look forward to encouraging results, as well as continued success in Egypt." Kuwait Energy said last month that it may list shares exclusively in London after Qatar First Investment Bank bought a $16 million stake. “We hope before the end of the year” the IPO will take place, Akbar said at the time. In April, Kuwait Energy said it had reduced its stake in the Abu Sennan concession in Egypt from 72 percent to 50 percent.The independent oil and gas exploration and production company said it sold the 22 percent stake to Australian company, Beach Energy Limited. From / Arabian Business news