Kuwait Energy announced year-on-year increases in revenue, profits and production

Kuwait Energy announced year-on-year increases in revenue, profits and production

Kuwait Energy, one of the fastest growing independent oil and gas exploration and production companies in the Middle East, today announced an update on its financial and corporate activities during its fourth quarter.
Highlights
· Q4 revenue up 29.4%, year-on-year, to US$59.0 million (Q4 2011: US$45.6 million)
· Q4 production up 16.1% year-on-year, to 17,442 boepd (Q4 2011: 15,018 boepd)
· Q4 operating profit up 30.1% year-on-year to US$38.9 million (Q4 2011: US$29.9 million)
· Q4 operating profit up 3.2% quarter-on-quarter to US$38.9 million (Q3 2012: US$37.7 million)
· Kuwait Energy-led consortium selected by the Government of Afghanistan to negotiate Exploration and Production Sharing Contracts (EPSC) for two Blocks in Afghanistan
· Financial close reached on debt facility of up to US$165 million, with the International Finance Corporation and Deutsche Bank
Kuwait Energy Chief Executive Officer, Sara Akbar, said: “I am pleased to announce another quarter of year-on-year increases in revenue, profits and production. The quarter also saw us make strategic progress in Afghanistan and extend our access to capital via a new reserve-based lending facility. These are very exciting times for the company and I look forward to the future with confidence.”
Source: Kuwait Energy
www.kec.com.kw
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