Egypt Kuwait Holding to drill 5 wells with $110M

CAIRO – 27 February 2018: Egypt Kuwait Holding (EKH) announced that it excogitates drilling five new wells in 2018 with an investment cost of $ 110 million, according to a filling to the Egyptian Exchange (EGX).

The company added that they are studying to drill four new wells in Kamous field and well number 10 in Taw field during this year.

It added that it finished drilling wells number 4 and 5 in Taw field, noting that the preliminary results for drilling these wells are positive.

On Tuesday, EKH said that one of its subsidiaries increased its stake in NSCO Investments Limited, which owns an offshore gas field in Northern Sinai.

EKH’s unit has raised its stake to 99.997 percent from 40 percent by the subscription in capital increase of $20 million, the company added in a filing to the Egyptian Exchange (EGX), given that EKH profits increased 92.7 percent in 2017, recording $138.18 million, compared to $71.7 million in 2016.

Egypt Kuwait Holding is a public company, listed on the Egyptian Exchange (EGX) since January 1999.

It operates within the Diversified Financial sector, focusing on Asset Management and Custody Banks. It has 69 subsidiaries operating across Southern and Central Asia, North America, the Caribbean, British Islands, Northern Africa, Micronesia and Middle East. Egypt Kuwait Holding is based in Giza, Egypt and was established in July 1997.