Kuwait Energy has announced a production increase at its East Ras Qattara (“ERQ”) Concession, Egypt, in which the Company has a 49.5% interest.
Following the completion of drilling of the Shahd-3 Development Well at the ERQ Concession, an initial [gross] production rate for the well of 4,300 bpd was recorded. This increased the [gross] field production for ERQ to 17,000 bpd.
Further to this, [gross] daily production rates are expected to exceed 20,000 bpd by the end of Q2 2013.
Located in the Western Desert, Egypt, ERQ is the Company’s largest producing asset. The concession has 15 producing wells and three wells under development.
Mohammad Alhowqal, chief operations officer of Kuwait Energy has said, “This positive result means that East Ras Qattara is now our largest producing oil asset. We look forward to more successes at this asset together with our partner Sipetrol.”
