Kuwait Foreign Petroleum Exploration Company, K.S.C.C. (KUFPEC) is pleased to announce that its wholly owned subsidiary, KUFPEC Egypt limited (KUFPEC Egypt) has achieved the first oil production from its appraisal well GNN-4 in the Geisum Concession in Egypt’s Gulf of Suez. GNN-4 is the first appraisal well in the ongoing early production and reservoir appraisal drilling program for the GNN Nukhul oil discovery. The reservoir was discovered in July 2019 by the GNN-3 exploration well which successfully encountered almost 500 feet of good quality net oil pay in the Nukhul formation, and with an estimated 260 MM barrels of oil in place. The Geisum Concession is located offshore Egypt in the Southern Gulf of Suez in shallow waters with a depth ranging from 30 to 200 feet, covering an area of approximately 105 sq. km.

KUFPEC Acting CEO Shaikh Nawaf Saud Nasir Al-Sabah stated that the main objective of drilling operations for GNN-4 was to appraise oil in the Nukhul formation. The well was successfully completed and tested at initial rates of over 2,000 BOPD. Shaikh Nawaf further affirmed that KUFPEC’s exploration successes, whether the huge discovery KUFPEC announced last year with multi-TCF resource in Malaysia or the current one in Egypt, demonstrate KUFPEC’s ability to achieve its strategic targets through its exploration activities.

KUFPEC Egypt holds a 40% working interest under the Production Sharing Contract with the Operator PICO GoS Limited (a Cheiron Group Company) holding the remaining 60% working interest. The Concession is managed by the joint operating company Petro Gulf Misr, which is jointly owned by the Egyptian General Petroleum Company, KUFPEC Egypt and PICO GoS Limited, and which is technically supervised by South Valley Egyptian Petroleum Holding Company.

About KUFPEC

KUFPEC is an international upstream company engaged in exploration, development and production of crude oil and natural gas outside the State of Kuwait and is a wholly-owned subsidiary of Kuwait Petroleum Corporation.