Chairman El-Hamra Oil Osama Nassif  announced that his company is planning to inject investments worth $ 70 million over the next fiscal year 2015-2016, to drill four new wells, and is working on development studies.

He added that his company is currently planning to drill two new exploration well at a depth of 14,000 feet, worth $ 6 million each, and two development wells at $ 2 million each.

El-Hamra, an Egyptian company, was founded in 2005 to carry out exploring and drilling for oil and natural gas in its Alamein concession area.

Source: Al-Bourse