Kuwait Energy makes a new discovery in Egypt

Kuwait Energy announced a new oil discovery in Egypt's Ahmad-1X well, located in the Gulf of Suez's Area A concession.

The newly discovered Ahmad-1X well was drilled to a depth of 2,110 meters. The initial test recorded a flow rate of 890 barrels of oil equivalent per day from the Kareem formation level.

Kuwait Energy Plc Deputy Chairman and Chief Executive Officer, Sara Akbar, said, "The Ahmad-1X well is located in a potentially rich area and we look forward to continuing testing and development activities in the area to reach its maximum potential."

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 operator of Area A and holds a 70 per cent working interest. Omani independent Petrogas E&P holds the remaining 30 percent interest.