Kuwait Energy confirms another discovery in Egypt

Privately-held Kuwait Energy has found a new oil field in Egypt, the company said. Oil flowed from the Al Zahraa oil field at the rate of 2,615 bpd.
Kuwait Energy holds a 49.5 % stake in the oil field, it said. The discovery was in the East Ras Qattara Block, and was the company's fourth since it started exploring in Egypt in 2006.

Kuwait Energy has ten exploration and production blocks in five areas in Egypt, and recently announced the discoveries of Shukheir NW, Shahd SE and Rana SE oil fields located in Area A and East Ras Qattara. The East Ras Qattara Concession was acquired in March 2008 and is operated by Sipetrol.
The company has projects in Oman, Yemen, Egypt, Russia, Ukraine, Latvia, Pakistan and Cambodia. It plans to go public by the end of next year.