Petrogulf is awaiting the Egyptian General Petroleum Corporation (EGPC) approval on the drilling plan for the year 2010-2011. The company is planning to drill an exploratory well in its acquisition area in Gebel El Zeit with investments of $9 million.
The company is in the process of conducting maintenance over the three development wells of C-1, 5, 8. The total cost of the development plan is $1.4 million.
Petrogulf conducted as well some development work in the same area last year with a cost of $2.6 million.
Following the authorization of the EGPC, Petrogulf will be looking into renting a new rig, after carrying out the necessary seismic studies.