FINANCIAL NEWS

Kuwait Energy signs agreement with Beach

05 Aug 2010

(MENAFN) Kuwait Energy Company, an independent oil and gas exploration firm announced that it has entered into a Sale and Purchase Agreement with Beach Energy Limited for the partial divestment of two Kuwait Energy assets in Egypt, Abu Sennan and Mesaha concessions.

Kuwait Energy will remain the majority holder and operator of Abu Sennan concession, the company said in a statement.

Kuwait Energy’s portfolio management is designed to ensure the optimum mix of exploration, development and production assets and the maintenance of appropriate levels of risk in individual assets. Central to this strategy is the flexibility to reduce stakes and/or permit farm-ins, on a case-by-case basis, to maintain an appropriate balance, it noted.

The transaction will reduce Kuwait Energy’s equity stake in the Abu Sennan concession, where the company is operator, from 72 percent to 50percent, and from 30 percent to 15 percent in the non-operated Mesaha concession.

The Abu Sennan concession is located approximately 300 km West of Cairo, and Mesaha concession is located in the south of Egypt, close to the Sudanese border.

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