Pharaonic Petroleum Company completed the drilling of a new offshore developmental well in its Mediterranean concession as part of the company’s drilling plan of December 2011.

According to a high-ranking source, the new gas producing well, West ATEN-7, averaged $25 million in investments. The well is currently in the evaluation phase. It was drilled by the CONST-11 rig to the depth of 17.303 feet.

Pharaonic Petroleum’s production levels of oil and gas reached 17739 barrels of oil and 3205179 cubic feet of gas during December 2011.