SVE7 Jun 2017 11:25
June 2017
Starvest Plc ("Starvest" or "the Company")
Investee Company Kuwait Energy Announces Intention to List on LSE
Starvest PLC (LON:SVE), the London Stock Exchange AIM listed specialist mining and resources investment business, is pleased to provide an update on its investee company Kuwait Energy PLC which earlier this month announced its intention to seek a listing on the London Stock Exchange (LSE).
Highlights
-- Investee company Kuwait Energy PLC ("Kuwait Energy") announces intention to list on LSE seeking a valuation of US$1 billion
-- Kuwait Energy generating significant revenues from oil and gas production in the Middle East and North Africa regions;
-- Outstanding growth in oil and gas reserves with significant upside for additional resources
Callum Baxter, Chairman and CEO commented: "We have followed the development of Kuwait Energy for several years and it is very pleasing to see the significant oil and gas discoveries and the company pushing into production to the point where they are now generating substantial annual revenue. Plus there is greater potential with the development of additional reserves from large assets. Starvest notes the intention of Kuwait Energy to seek a premium listing on the London Stock Exchange and we are closely following the progress of the IPO."
Kuwait Energy PLC
Kuwait Energy was established in 2005 and has built a portfolio of oil and gas focussed assets in the Middle East and North Africa regions. Starvest originally held a major founding stake in Concord Oil and Gas PLC which was subsequently acquired by Kuwait Energy. Starvest has retained its shareholding in Kuwait Energy since that time.
Kuwait Energy has spent recent years developing its asset base and, pleasingly, has made significant discoveries with several assets being successfully brought into production. It has 10 assets across four countries in a majority operated asset portfolio. As at 31 December 2016 its reserves were in excess of 800 million barrels oil (equivalent) and 2016 production averaged approximately 24,000 barrels of oil (equivalent) per day. For the year to 31 December 2016 Kuwait energy had revenues from operations of over US$125 million and over US$155 million for the year to 31 Dec 2015.
The company is operating in proven prolific hydrocarbon producing basins and has good local relationships and track record of operations. It works under a UK corporate governance code with established Corporate Social Responsibility and Occupations Health and Safety programmes. Kuwait energy has a stable management team with a long history of operating and investing in its targeted regions.
Since 2010 Kuwait Energy's oil and gas reserves have seen outstanding growth from 20 million to over 800 million barrels (equivalent) through acquisition and exploration success. There are significant growth opportunities in the two assets of Block 9 and Siba, both in
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