Petrobel commenced the drilling of an exploratory well in its concession area in the Gulf of Suez, according to the Q4 plan of the fiscal year of 2010-2011.

The total drilling investment of the new exploratory well counts for $40 million. Petrobel, the joint venture between the EGPC and Italian Eni drilled a development well in the same concession area with $12.6 million-investment.