Kuwait Energy II

completed

Kuwait Energy Company K.S.C.C (“KEC”, or the Company) is carrying out a work program, that mainly consists of: (i) drilling four development wells to increase production in KEC’s two main gas producing assets in Ukraine; (ii) drilling eight development wells in KEC’s three producing assets in Egypt; and (iii) drilling about six exploration wells and shooting seismic over various oil and gas exploration targets in Egypt, Ukraine and Yemen. The Project will allow the Company to continue on its growth trajectory by increasing its production in Ukraine, Egypt and Yemen from approximately 9,500 barrels of oil equivalent per day (“boepd”) to over 15,000 boepd by end 2010, with most of the increase coming from additional gas production in Ukraine. It will also enable the Company to test 82 million barrels of oil equivalent (“boe”) of mainly gas exploration targets and define additional targets through new seismic surveys.