Kuwait Energy revenue, output swell in Q2 '13

Kuwait Energy, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, announced Tuesday that its revenue in the second quarter of 2013 increased by 51.8 percent year-on-year to $77.6 million as compared with $51.1 million in the same period last year. Its production surged 37.3 percent year-on-year to 23,221 boepd from 16,906 boepd a year ago.
Q2 revenue up 21.2 percent, quarter-on-quarter, to $77.6 million (Q1 2013: $64.0 million)
Q2 production up 7.6 percent quarter-on-quarter, to 23,221 boepd (Q1 2013: 21,568 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 percent 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 $25 million was repaid during the quarter, the company said in a statement, noting that a new short -term facility of $15 million with Qatar First Bank was established.
Sara Akbar, Chief Executive Officer of Kuwait Energy, said: "The second quarter of 2013 has been a phenomenal success from a revenue perspective as we recorded outstanding year-on-year and quarter-on-quarter 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."


© The Saudi Gazette 2013

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