Agiba Petroleum has completed the drilling of two new Western Desert wells during the month of March. The endeavor came in the context of Agiba’s development plan for 2011/2012 fiscal year.
East Aghar 11 is a developmental well located in the West Razzak development lease in Abu Gharadiq Basin. Sources revealed that drilling investments in the new crude-producing well amounted to $580,000. It was drilled to the depth of 6,500 feet via the PDI-147 rig.
The company also spudded AGHAR NN-1X, an exploratory well costing $1.06 million in drilling investments. This operation also employed the PDI-47 rig, reaching the depth of 6,430 feet.
During March 2012, Agiba production figures stood at 1,181,446 barrels of crude oil, 3,369 barrels of condensate and 61,786 barrels of oil equivalent of natural gas.
Agiba is a joint venture company that includes IEOC with 40% interest, Mistui with 10%, and the Egyptian General Petroleum Corporation (EGPC) holding the remaining 50%.