Quotes: 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

 


Arab Times




  MENA News Headlines
 Feb 28 2015 - Abu Dhabi's economy to remain strong in 2015MENAFN
(MENAFN) Abu Dhabi's economy will remain resilient and its fiscal policy will stay prudent and flexible over the next two years despite the depressed oil price scenario, Khaleej Times ...

 Feb 28 2015 - Sudan explores investment opportunities for Saudi investorsMENAFN
(MENAFN) A high-level Sudanese delegation headed by Investment Minister Mustafa arrived to explore investment opportunities for Saudi investors in Sudan, Arab News reported.Trade exchange between the ...

 Feb 28 2015 - Qatar's PPI down 10.6 percent in December 2014MENAFN
(MENAFN) The Qatari Ministry of Development Planning and Statistics (MDPS) said Producer Price Index (PPI) decreased 10.6 percent last December month-on-month, QNA reported.The index decreased 28.9 ...

 Feb 28 2015 - 'Jihadi John' killer from Islamic State beheading videos unmasked as LondonerThe Peninsula
(MENAFN - The Peninsula) The masked "Jihadi John" killer who fronted Islamic State beheading videos has been identified as Mohammed Emwazi, a British computer programming graduate from a well-to-do ...

 Feb 28 2015 - Banksy Goes Undercover To Make Gaza FilmThe Peninsula
(MENAFN - The Peninsula) Banksy has released a video of a satirical travel advert for Gaza after travelling to the area undercover.The film, posted on the elusive artist's website, appears to show ...

 Feb 28 2015 - World champion Cairoli tops Qatar qualifyingThe Peninsula
(MENAFN - The Peninsula) Defending champion Antonio Cairoli brought delight to his KTM camp last night by topping the time charts in the season's first official qualifying session of the 2015 FIM ...

 Feb 28 2015 - Cricket: UAE bat against India in World CupThe Peninsula
(MENAFN - The Peninsula) United Arab Emirates captain Mohammad Tauqir won the toss and decided to bat in the World Cup Pool B game against India at the WACA Ground on Saturday.In announcing his ...

 Feb 28 2015 - Turkey, US to begin training Syria rebels from SundayThe Peninsula
(MENAFN - The Peninsula) The United States and Turkey will begin training and equipping thousands of moderate Syrian rebel forces on Sunday as part of a deal the two NATO allies signed last week, an ...

 Feb 28 2015 - Italian MPs approve Palestinian resolutionThe Peninsula
(MENAFN - The Peninsula) Italian lawmakers yesterday backed a non-binding resolution that encourages the government to recognise Palestine as a state, a move that underlines European frustration over ...

 Feb 28 2015 - Lebanon-born Syrian refugees risk stateless issueThe Peninsula
(MENAFN - The Peninsula) Syrian refugee Yasmine Khalaf lies next to her day-old daughter Israa in a Lebanese hospital, worrying that her tiny newborn risks life without a legal identity. Israa, ...

more...


 






Google

Internatinal Property Show

 
 

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help