East Zeit Petroleum Company (Zeitco) has completed drilling a new oil-producing well in its concession area in the Gulf of Suez. The operation comes in fulfillment the company’s development plan for the current fiscal year 2011-2012.

The new well, dubbed A-12A ST-1, was drilled via the BAHRI-1 rig to the depth of 12,250 feet. Drilling investments in the well have reached $10.31 million. Production of the new well has already been added the Zeitco’s overall production numbers.

The company’s production rate of crude oil reached 90,190 barrels in February 2012, while its natural gas production stood at 2,964,286 cubic feet during the same month.

East Zeit Petroleum Company is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and British operator Dana Petroleum.