Suez Oil Company (SUCO) has concluded drilling ZB-24 ST-1, a new developmental well in the company’s Zeit Bay Development lease in the Eastern Desert. The operation comes in the context of SUCO’s development plan for the 2011-2012 fiscal year.

Sources revealed costs of drilling to be $3.137 million. The oil-producing well was spudded to a depth of 5,187 feet via the use of the PDI-104 rig, and its output has been added to the company’s overall production numbers.

SUCO’s drilled a total of 34 wells in the last fiscal year, and is aiming for 44 exploratory and developmental wells to be concluded during the current fiscal year in order to raise oil and gas production.

During March 2012, SUCO’s production figures stood at 537,119 barrels of crude oil and 50,383 cubic feet of natural gas.

SUCO is jointly owned by the Egyptian General Petroleum Corporation (EGPC) and German company RWE DEA.