In consistence with its development plan for the 2011-2012 fiscal year, Qarun Petroleum has completed the drilling of two new developmental wells in its concession area located in the Western Desert.

Sources have revealed that the first well, SHAKARA NE-3, spurred investments totaling $748,311. The drilling operation was conducted to a depth of 7,500 feet, using an EDC-49 rig. The oil-producing well has yet to be added to the company’s overall production rates.

The second developmental well, E.BAH-C29, is located in the East Bahariya West concession. The oil-producing well was drilled to a depth of 5,950 feet via an EDC-64 rig.  Drilling investments in the well, which has not yet been added to Qarun’s overall production rates, have reached $1.182 million.

Qarun Petroleum Company is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and American petroleum operator Apache.