Petrosilah Petroleum Company has drilled a new developmental well, labeled SILAH-16, in the Silah fields in the Fayioum Development Blocks in the Western Desert as part of the company’s development plan for the current 2011-2012 fiscal year.

The oil-producing well was drilled using the EDC-53 rig, to a depth 7,100 feet, and is yet to be added to Petrosilah’s overall production rates. Costs of the operation amounted to $1.5 million.

During March 2012, the company’s production figures stood at 120,590 barrels of crude oil.

Petrosilah is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and American oil company Merlon International.