Live From MEOS 2011
Egypt-focused exploration and production independent Kuwait Energy has secured two new investors who will take strategic shareholdings in the company.
The deals were struck at the MEOS 2011 conference in Bahrain. The company declined to name the new investors but their holdings were described as “significant.”
The company has been building its investor base after success in its Egyptian Exploration operations, with two recent strikes in the East Ras Qattara field in Egypt’s Western Desert, and news of new gas development contracts at the Siba and Mansuriya gas fields in Iraq. Qatar First Investment Bank took a $16 million shareholding in April this year.
The company has a targeted 80:20 portfolio between producing/developing assets and exploration assets respectively.
Kuwait Energy announced its maiden dividend this year, after earning a net profit of $21.9 million in 2010, up 291% from 2009, and $85.6 million in operating cash flow, up 68% from 2009.
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