KEC: Merger Cash Boost

Kuwait Energy (KEC), which despite its name is a privately-owned firm with key assets in Egypt and Iraq, this week confirmed talks to merge with London-listed SOCO International, with main assets in Vietnam and Angola.

A deal would give KEC access to public financing after a flopped attempt to raise $150mn through a London IPO last year.

KEC’s Faihaa field on Iraq’s block 9 is highly promising, with plenty of upside to current 15,000 b/d output (10,600 b/d net for KEC’s 60% share). KEC plans to double output to 30,000 b/d (20,000 b/d net) this year and 250,000 b/d output by 2025.


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