Kuwait Energy has tested the ASH-3 well in Egypt at 6,379 barrels per day of oil and 6.7 million cubic feet per day of gas.
Kuwait Energy has signed up a drilling rig for work on the Abu Sennan concession and is making progress on the ASH-2 pipeline.
Testing of Egypt’s El Salmiyah-5 has seen the well flow at rates of around 8,700 barrels of oil equivalent per day, United Oil & Gas has reported.
United Oil & Gas has returned to trading on London’s Alternative Investment Market (AIM) and is nearing completion of its acquisition of a stake in Egypt’s Abu Sennan licence.
UK-based Rockhopper Exploration said today that a drilling campaign on the Abu Sennan Concession in Egypt had started.
Kuwait Energy Plc is planning an initial public offering in London that could value the oil and gas exploration business at as much as $1 billion, according to unnamed sources.
Kuwait Energy said today that it had inked a forward sale agreement with Vitol that will provide it with a financing facility of up to $100million.
Kuwait Energy has confirmed oil production has begun at its Faihaa-1 well in Iraq, just 11 months since making the discovery.
The company, which is in a consortium with Kuwait Energy, had success in its Faihaa-1 exploration well, after targeting the Yamama formation. A spokesman said the discovery was made at 4,000 metres at the site in Northern Basra.