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Kuwait Energy Q2 revenue increased 51.8%

Staff writer |
Kuwait Energy announced an update on its financial and corporate activities during its second quarter. Q2 revenue increased 51.8%, year-on-year, to $77.6 million (Q2 2012: $51.1 million).

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Q2 production went up 37.3% year-on-year, to 23,221 boepd (Q2 2012: 16,906 boepd). The revenue for the second quarter increased 21.2%, quarter-on-quarter, to $77.6 million (Q1 2013: $64.0 million), and production saw an increased 8.1% quarter-on-quarter, to 23,221 boepd (Q1 2013: 21,477 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 $25 million was repaid during the quarter and nNew short term facility of $15 million with Qatar First Bank was established.

"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;" said Sara Akbar, Chief Executive Officer of Kuwait Energy.

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