PetroGulf decided to invest $9 million for the drilling of an exploratory well in the concession area of Gebel Elzeit.

This investment serves the new drilling plan approved recently by the company, for the new fiscal year of 2010-2011.

“”We have already started the installations phase and also conducted many technical studies that showed last amounts of crude oil in our exploratory and development wells in the concession of Gebel Elzeit,” said an official source.

Currently, the company produces 6000 barrels of crude oil per day.

PetroGulf has not chosen yet a contractor to execute the new drilling program.