Rashid Petroleum Company (Rashpetco) completed the drilling of a new development well, SIMSAT-B2-DA in the West Delta Deep Marine (WDDM) Concession, in the Mediterranean Sea area.

The drilling cost of this natural gas producing well counted for $16.25 million. The SIMSAT-B2-DA was drilled to a total depth of 6400 feet by the Endeovor rig.

Rashpetco is a joint venture held by the Egyptian General Petroleum Corporation (50%), BG (40%) and Edison (10%).

Since 1994, BG Group and partners have discovered 14 gas fields on the WDDM Concession: Scarab, Saffron, Simian, Sienna, Sapphire, Serpent, Saurus, Sequoia, SimSat-P1 and SimSat-P2.

Additional development leases were granted in 2007 for the Solar, Sienna-Up, Mina-1 and Silva discoveries.

According to recent reports, Rashpetco had a total production of 2172143 cubic feet of gas in addition to 10900 barrels of oil during last November 2011.