Mubasher TV
Contact Us Advertising   العربية

EKH reveals drilling completion date for 3rd well in North Sinai field

EKH reveals drilling completion date for 3rd well in North Sinai field
EKH’s net profits rose to $28.79 million in Q1-19
EKH
EKHO
1.15% 0.88 0.01

Cairo – Mubasher: Egypt Kuwait Holding (EKH) said that drilling operations of the third well in Kamos concession (km-1) in North Sinai are expected to be complete by the fourth quarter of 2019.

NSCO Investments Limited, a subsidiary of EKH, has completed the drilling operations of the second well in Kamos concession at a depth of 2,664 metres, according to a statement to the Egyptian Exchange (EGX) on Monday.

Production from the second well began on 29 August at a daily output capacity of about 20 million cubic feet, raising the company’s average daily output to 75 million cubic feet from 25 million cubic feet during the first six months of 2019.  

In mid-July, the company announced that drilling operations of the first well located in the offshore North Sinai field (KS-12) have been completed at a depth of 1,698 metres and with a cost of $15 million.

During the first quarter of 2019, EKH’s net profits rose to $28.79 million, compared to $25.37 million during Q1-18.