Kuwait Energy reports record net profit of US$34.8 million for 2011, up 58.9%

2011 results:
•Record year-end proven and probable reserves: 235.3 mmboe, up 382.5% from 2010
•Record operating cash flow: US$111.9 million, up 30.7% from 2010
•Record daily average production: 13,624 boepd, up 2.8% from 2010
•Record exit production: 17,733 boepd, up 23% from 2010
Kuwait Energy plc, one of the fastest growing independent oil and gas companies in the Middle East, today announced its financial and operational results for the year 2011 during its annual meeting of shareholders. The Company recorded a record net profit of US$34.8 million in 2011, up 58.9% from 2010, a record year-end proven and probable reserves of 235.3 million barrels of oil equivalent (mmboe), up 382.5% from 2010, a record US$111.9 million in operating cash flow, up 30.7% from 2010, and a record high exit production by year-end of 17,733 barrel of oil equivalent per day (boepd), up 23% from 2010.
Shareholders approved cash dividend of 4.5 pence (Sterling) per share.
Speaking to shareholders, Kuwait Energy Chairman, Dr. Manssour Aboukhamseen, said: “I am delighted to report 2011 was another year of significant progress for Kuwait Energy with record profits, reserves, cash flow and production.”
>Oil and Gas Press