Rashid Petroleum Company (Rashpetco) has successfully completed drilling a new developmental well in West Delta Deep Marine concession, in the context of its development plan for the 2011-2012 fiscal year.

The gas-producing well, dubbed SWAN-1 ST2, was drilled to a depth of 10,640 feet via the SCARABEO-6 rig. Sources placed investments in the well at $59 million.

During March 2012, Rashpetco’s production figures stood at 10,655 barrels of condensate and 2,140,714 barrels of oil equivalent of natural gas.

Rashpetco is a joint venture company between British Gas Group holding 40% interest, the Italian Edison Gas holding 10%, and the Egyptian General Petroleum Corporation (EGPC) with the remaining 50%.