Kuwait Energy revenue, outputs swell in Q2

The Saudi gazette reported that Kuwait Energy, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, announced that its revenue in the Q2 of 2013 increased by 51.8% YoY to US$77.6 million as compared with US$51.1 million in the same period last year.

Its production surged 37.3% YoY to 23,221 boepd from 16,906 boepd a year ago. Q2 revenue up 21.2%, QoQ, to US$77.6 million, Q2 production up 7.6% QoQ, to 23,221 boepd.

Increases in revenue and production were primarily due to the new contributions from the Shahad SE field in ERQ, Egypt and the company’s 15% interest in Block 5, Yemen. Increased production also recorded at wells Yusr 38 ST and Yusr 60 in Area A, Egypt.

Short term debt facility with Kuwait International Bank for US$25 million was repaid during the quarter, the company said in a statement, noting that a new short term facility of US$15 million with Qatar First Bank was established.

Mr Sara Akbar, Chief Executive Officer of Kuwait Energy said that “The Q2 of 2013 has been a phenomenal success from a revenue perspective as we recorded outstanding YoY and QoQ increases. Our recent acquisition in Yemen continues to contribute material levels of production whilst new production coming in on stream in Egypt also has provided welcome momentum. This operational and financial success in the first half of the year gives me great confidence in Kuwait Energy’s full year performance.”