Egypt Kuwait Holding reveals results of seismic survey at N.Sinai field

CAIRO – 1 March 2019: Egypt Kuwait Holding Company (EKHO) is preparing a detailed study by an international company to assess the economic values of the results of the seismic survey of the offshore gas field in North Sinai and the preparation of the development plan.

The company clarified in a filing to the Egyptian Exchange that the primary results of three dimensions of the seismic survey revealed that the near-surface layer (Pliocene) which includes dry gas has an average of native gas that is estimated at 821 billion feet of gas.

It added that the deep layer known as the "Pre-Messinian" where there is gas and condensates, includes an average of native gas reached 1531 billion feet of gas, in addition to 122 million barrels of condensates.

The filing revealed that the seismic survey covered an area of 560 kilometer square and was done in March 2017 by PGS international company which formed the layers and deep geological structures close to the surface, while WesternGesco Company worked on analyzing and explaining the results of the survey.

NSCO Investments Limited, which Egypt Kuwait Holding owns 99.99 percent of it, won a concession right of offshore gas field in North Sinai, in a partnership with Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas Holding Company (EGAS).

Egypt Kuwait Holding, recorded a consolidated profits of $95.11 million in 2018, compared to $118.7 million in 2017, with a decline of 20 percent.

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