Belayim Petroleum Company (Petrobel) has concluded drilling operations for two new developmental wells, the 113-M-113 well and the EBLS-2 well in adherence to its drilling plan for the 2011-2012 fiscal year.

The 113-M-113 oil-producing well was drilled in the company’s Western Desert concession. Sources revealed investments in the oil-producing well amounted to $8 million. Drilling was conducted to a depth of 9,938 feet, utilizing a G.SF-105 rig. Oil from the well has not been added to Petrobel’s overall production figures.

The EBLS-2 well was drilled in Petrobel’s fields in its Sinai concession at a cost of $3.4 million, and is also oil-producing. It was drilled via the ST-1 rig at a depth of 9,810 feet, and its production was subsequently added to the company’s production numbers.

During March 2012, Petrobel’s production figures stood at 4,133,154 barrels of crude oil and 9,652,093 cubic feet of natural gas.

Petrobel is a joint-venture between the Egyptian General Petroleum Corporation (EGPC) and Italian operator Eni.