(MENAFN - Arab Times) Kuwait Energy ("The Company"), one of the fastest growing independent oil and gas exploration and production companies in the Middle East, today announces an update on its financial and corporate activities during Q4 2013." The Company reported 82.4 million revenue for the fourth quarter 2013, an increase of 43.7% compared to the corresponding period a year ago. Average daily working interest production increased 19.5% to 24,007 barrels of oil equivalent per day (boepd) compared to the corresponding period a year ago. Revenue is 0.2% higher and production is 2.8% lower compared to the previous quarter
By the end of Q4 2013, Kuwait Energy had received 241 million from sales during the year and US117 million remained as outstanding receivables (including December sales estimate). Sara Akbar, Chief Executive Officer of Kuwait Energy, commented: "I am delighted to close the year with yet another strong quarterly performance in revenue and production and look forward to continued operational success in 2014". Development expenditure during the Q4 2013 was US30.7 million, primarily spent on drilling 20 development wels (16 in Oman; two in Egypt; and two in Yemen); upgrades to production facilities in Burg El Arab, Egypt and 3D seismic on Siba, Iraq. Exploration expenditure during the Q4 2013 was 10.3 million, which was primarily spent on exploration drilling in Egypt.
Noteworthy, Kuwait Energy commenced the final stage of the ownership restructuring in Q4 2013. The restructuring will enable shareholders of Kuwait Energy Company KSCC to receive new shares directly in Kuwait Energy plc. On the strategic front, Kuwait Energy continues with its strategy of focusing on the MENA region, where it has established strong presence and operational track record. To this effect, the Company is undergoing a rigorous process of rationalizing its portfolio in Eurasia with the intention to exit and focus its activities in the MENA region. Kuwait Energy is also looking into farming out some of the single asset exposure to achieve better risk profile and optimize its capital expenditure program. To rebalance country exposure, the Company is currently actively pursuing strategic partners for its existing assets via a farm-out process in countries such as Iraq