Al Amir Petroleum Company (PetroAmir) is preparing to drill a new exploratory well, in the North West Gemsa Field, in its acquisition area of the Gulf of Suez.

This drilling operation is part of PetroAmir’s drilling plan for the current fiscal year of 2010-2011.

Omar Bibars, Chairman and Managing Director of PetroAmir, said that the total investment of the new well would cost up to $5 million.

Bibars added, in exclusive statements to Egypt Oil & Gas newspaper, that the company is working on the water injection project to open new gas lines from the company’s fields to reach Suez Oil Company (SUCO). “Our company is aiming to boost its production to reach 15,000 barrels of oil per day from our acquisition area in the Red Sea.”

It is worth mentioning that PetroAmir current production rate is 9000 barrel of oil per day, and it is operated by Vegas Oil & Gas.