Rashid Petroleum Company (Rashpetco) completed the drilling of a new development well, Saffron DO, in the West Delta Deep Marine block, in the area of the Mediterranean Sea.

In the context of the company’s 2011/2012-development plan, Rashpetco drilled the well to a total depth of 6875 feet, through the Scarabeo-6 rig.

The cost of this drilling operation is worth $15.24 million and was held over 125 days.

The Saffron DO is a gas producing well and its monthly production rate exceed 2,300,000 cubic feet.

Rashpetco is jointly owned by BG Group, which has a 40% shareholding, Petronas holds 10% and the remaining 50% is held by the Egyptian General Petroleum Corporation (EGPC).