Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait Energy Posts $82.4mn Revenue In Q4, Up 43.7 Pct Y/Y  Join our daily free Newsletter

MENAFN - Arab Times - 15/02/2014

No. of Ratings : 0
Add to Mixx!


 


(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 wells (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.

 






  MENA News Headlines


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help