Pharaonic Petroleum Company is preparing to drill an exploratory well in its concession area of Port Said during the middle of the current year of 2011, according to the company’s drilling plan.

The drilling finance will cost approximately $4 million, which counts for nearly one fifth the total cost of the current fiscal plan that is worth $35 million.

The company recently drilled another exploratory well in January 2011.

It is to be mentioned that Pharaonic Petroleum Company is a joint venture company between EGPC and BP Egypt.