MENA: KEC

Kuwait Energy plc (KE) is United Energy Group’s (UEG) subsidiary and has oil and gas assets in the Middle East and North Africa (MENA) region. KE was established in 2005 and acquired by UEG in March 2019.

KE has built a high-quality, diversified portfolio of oil and gas assets across Iraq and Egypt. In Egypt, KE has four producing assets: Abu Sennan asset, East Ras Qattara asset, Burg El Arab asset and Area A assets. Three of these four producing assets are operated by KE. In Iraq, KE has contract areas under the Block-9 Exploration, Development and Production Service Contract (EDPSC) and the Siba Gas Development and Production Service Contract (GDPSC).

KE strictly adheres to high HSSE standards and is committed to contributing to the sustainable development of the communities and economies of the areas in which it operates.

KE’s assets offer significant growth opportunities, and UEG is committed to tapping KE’s full potential.

Iraq

Distribution of UEG oil concessions in Iraq(by the end of 2022)

The Group holds a 60% participating interest in the Exploration Development and Production Service Contract (EDPSC) of Block-9 in Iraq and is the operator of this block. In 2022, the average daily gross production was approximately 57,845 boed, and the average daily working interest production was approximately 34,707 boed. Accumulated gross and working interest production for the year were approximately 21.1 mmboe and 12.7 mmboe, respectively. Block-9 has an oil and liquids ratio of 100%.

The Group holds a 30% participating interest in the Gas Development and Production Service Contract for the Siba contract area in Iraq and is the operator of this block. The average daily gross production in 2022 was approximately 20,247 boed, and the average daily working interest production was about 6,074 boed. Accumulated gross and working interest production were approximately 7.4 mmboe and 2.2 mmboe, respectively. Siba has an oil and liquids ratio of about 67%.

Egypt

Distribution of UEG oil concessions in Egypt (by the end of 2022)

TThe Group holds interests in four blocks in Egypt. It has a 100% participating interest in Burg El Arab. Participating interests in Area A, Abu Sennan and East Ras Qattara are 70%, 25% and 49.5%, respectively. The Group is the operator of all the blocks except East Ras Qattara. In 2022, the average daily gross production was approximately 18,386 boed, and the average daily working interest production was approximately 12,435 boed. Accumulated gross production and working interest production for the year were approximately 6.7 mmboe and 4.5 mmboe, respectively. The Egypt assets have an oil and liquids ratio of about 98%.