Amapetco has drilled a new developmental well, AMAL-14 ST-2, in the concession it owns in the Gulf of Suez. The operation is in accordance with the company’s developmental plan for the 2011-2012 fiscal year.

Sources confirm that investments in the oil-producing well have reached $5.544 million. Drilling was conducted to a depth of 9797 feet via a ZOSER rig.

Amapetco’s production of crude oil had reached 125,099 barrels as of January 2012, while production of natural gas for the same month was 73,393 cubic feet.

Amapetco is a joint venture between the EGPC and PICO Amal Petroleum Company.