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KUFPEC’s First Operated Offshore Exploration

23-01-2022

Kuwait Foreign Petroleum Exploration Company, k.s.c.c. (“KUFPEC”) is pleased to announce that its wholly-owned subsidiary KUFPEC Indonesia (Anambas) B.V. (“KUFPEC Indonesia”) has successfully made a commercial discovery of gas and condensate in the Anambas Block, offshore Indonesia. KUFPEC Indonesia made the discovery through the successful drilling of the Anambas-2X well. This exciting discovery marks the first operated offshore exploration discovery for KUFPEC and demonstrates KUFPEC’s growth and potential as an operator of offshore oil and gas projects, consistent with the KUFPEC 2040 Strategy. The well was drilled in 288 feet of water, using a jack-up rig to reach a total depth of 10,509 feet. Located in the Natuna Sea near an existing block in which KUFPEC is a partner, the Anambas Block was awarded to KUFPEC Indonesia through a competitive bidding process in 2019. The Block is fully operated by KUFPEC Indonesia, which also holds the entire 100% participating interest in the Block. KUFPEC Indonesia’s production sharing contract has a license term of 30 years, including a 6-year exploration period. As part of the drilling campaign, KUFPEC Indonesia conducted two Drill Stem Tests so far, one in the Lower Gabus Formation and the other in the Intra Keras Formation. These tests resulted in a stabilized combined flow rate of 7 MMscfd of natural gas and 1,240 stb/d of condensate from the two formations. KUFPEC Indonesia intends to conduct more tests on other formations within the same well. Upon reaching its main drilling objective in the Lower Gabus Formation, KUFPEC Indonesia utilized well deepening operation techniques to successfully penetrate thicker and cleaner reservoirs. The outcomes of the well deepening program provided an upside to the original well objectives and identified potential further exploration opportunities in the deeper formations. KUFPEC Indonesia will also continue implementing testing programs for three reservoirs in the Arang Formation, which could produce even higher gas rates. KUFPEC Acting CEO Shaikh Nawaf Saud Al-Sabah stated that this successful discovery “reflects KUFPEC’s capabilities as a prudent operator in an offshore exploration drilling environment,” and that the deepening and testing program utilized in this drilling campaign “is one of best examples of KUFPEC’s determination to maximize asset value.” He further added: “I am especially proud of the professionalism of the KUFPEC team, which included Kuwaiti experts who led operations on the drilling platform.” KUFPEC Indonesia’s drilling campaign was conducted on time, below budget and with no reportable health, safety or environmental incidents. 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.