Kuwait Energy has called its latest find in Egypt very important, saying it will add significant value to assets in the surrounding region.
Tests of the well in the Abu Sinan concession, located in Egypts Western Desert, have achieved flow rates of 3,900 barrels a day (b/d) for condensate with 46 American Petroleum Institute (API) gravity.
The flow of natural gas was 3.1 million cubic feet a day (cf/d).
Speaking about the find, Sara Akbar, CEO of Kuwait Energy, says the discovery would open the door for deeper exploration targets in the area.
The Abu Sinan concession currently has 12 producing wells, but none are as deep as the latest discovery.
Independent oil and gas company Kuwait Energy is partnered with EGPC and holds a 50 per cent stake in Abu Sinan licence.
US-based Dover oil holds a 28 per cent stake, while Australias Beach Energy holds the remaining 22 per cent.