West Bakr Petroleum Company finalized the bid round for drilling of a new exploratory well in the company’s acquisition area in the Eastern Desert.

The operation will start by the end of the first quarter of the drilling plan for the new fiscal year of 2011-2012.

The total finance for the new well costs $4 million, compared to the current fiscal plan that included the drilling of one exploratory and another development wells.

It is worth mentioning that the company holds 31 wells in its acquisition area. West Bakr Company is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Japanese EPEDECO.