North Sinai Petroleum Company (NOSPCO) has drilled a new developmental well in the company’s concession in the Mediterranean Sea.

The well, labeled TAO-SW-F ST-2, is part of the company’s 2011-2012 development plan.

Drilling was conducted using the SENSURT rig to a depth of 7,897 feet, with drilling investments amounting to $16.476 million. The natural gas-producing well has yet to be included to the company’s overall production numbers.

During March 2012, the company’s prdouction rates of natural gas stood at 592,143 cubic feet.

NOSPCO is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and French operator Prenco.