United Energy Group Acquires Kuwait Energy plc for up to US$651 Million

Hong Kong, 24 September 2018: United Energy Group Limited (“UEG” or the “Company”; SEHK stock code: 467) is pleased to announce that UEG will acquire the entire issued share capital of Kuwait Energy plc (“KE”) by way of a Scheme of Arrangement for a cash consideration of up to US$651 million.

The Acquisition will transform the Company into a strong medium-sized international independent oil and gas company, with a diversified portfolio of high quality assets. The production base and long reserve life of KE are highly complementary to the Company’s existing portfolio and provides a sustainable development profile to the Company for the next two decades. The Company will also leverage its strong financial capabilities to enhance the development potential of KE’s portfolio. The Acquisition will significantly improve the profile of the Company and also further expand its development potential.

Established in 2005, KE has built a high-quality, diversified portfolio of oil and gas assets. It conducts exploration, appraisal, development and production activities in a number of countries including Iraq, Egypt, Yemen and Oman.