New oil find in Gulf of Suez - Kuwait Energy Plc 

(MENAFN - Kuwait News Agency (KUNA)) Kuwait Energy Plc, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, announced a new oil discovery in Egypt's Ahmad-1X well, located in the Gulf of Suez's Area A concession.

The company's press release said, "the newly discovered Ahmad-1X well was drilled to 2,110 meters depth. The initial test recorded a flow rate of 890 barrels of oil equivalent per day from the Kareem formation level. This discovery brings the total number of oil, gas, and condensate discoveries made by Kuwait Energy in Egypt, since 2008, to 14 discoveries, three of which were made in Area A.

Kuwait Energy is the lone operator of Area A and holds a 70 percent working interest. Omani independent Petrogas EP holds the remaining 30 percent share.

Kuwait Energy Plc Deputy Chairman and Chief Executive Officer, Sara Akbar, said, "This is a further contribution to the productive capacity of the Egyptian energy sector and we are glad to play a part in this success." Akbar added the company would continue testing and developing in the area, which is believed to hold great promise still.

Egyptian operations contribute the largest share to Kuwait Energy's working interest production, comprising 17,700 barrels of oil equivalent by the end of 2011. Kuwait Energy is the operator of three blocks in Egypt, namely the Area A, Burg El Arab development, lease and the Abu Sennan concession. It also has interests in two other non-operated blocks: Mesaha concession and the East Ras Qattara development lease.