PHAROS ENERGY PLC

Regulatory Filings • Mar 5, 2018

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RNS Number : 6603G

Kuwait Energy PLC

05 March 2018

Kuwait Energy plc

Update on Merger Discussions with SOCO International plc

Kuwait City, Kuwait - 5 March 2018: On 8 January 2018, Kuwait Energy plc ("Kuwait Energy") confirmed that it was in preliminary discussions with SOCO International plc ("SOCO") regarding a possible merger.

Kuwait Energy confirms that discussions with SOCO have been terminated as the parties could not reach agreement on mutually acceptable transaction terms.

The Board of Kuwait Energy remains committed to serving the best interest of all its stakeholders, and continues to consider and assess its options to create the desired liquidity for its shareholders.

About Kuwait Energy:

Kuwait Energy is an independent oil and gas company actively engaged in the exploration, appraisal, development and production of hydrocarbons across the MENA region. Kuwait Energy's portfolio currently consists of ten exploration, development and production oil and gas assets in Egypt, Iraq, Yemen and Oman. Kuwait Energy currently produces oil from six of its assets.

Kuwait Energy's 2017 average daily working interest production was 26,819 boepd and its audited 2P working interest reserves as at year-end 2016 stand at 810 mmboe.

Kuwait Energy has its registered office in Jersey, its head office is in Bahrain, its operational hub is in Kuwait, and area offices in Basra, Baghdad, Cairo and Sana'a.

Further information is available at http://www.kuwaitenergy.co.

Enquiries

Kuwait Energy plc

Hussain Al Mosawy, Vice President - Strategic Corporate Affairs

Tel: (+965) 2576 7722

This information is provided by RNS

The company news service from the London Stock Exchange

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