Agiba Petroleum Company has concluded the drilling of two new developmental wells in the company’s Western Desert lease, the ARCADIA-6 well and the AGHAR 4-17. The operations come in accordance with the company’s drilling plan for the 2011-2012 fiscal year.

Sources revealed investments in the ARCADIA-6 oil-producing well to be $2 million. The well is located in the Arcadia field in the Shoushan sub-basin in Agiba’s Meleiha development lease. It was drilled to a depth of 10,550 feet utilizing the ST-8 rig.

The AGHAR 4-17 oil-producing well, was drilled utilizing the PDI-147 rig, to a depth of 6,100 feet. Costs of the well amounted to $390,000, and its output has been added to the company’s overall production.

During March 2012, Agiba’s production figures stood at 1,205,281 barrels of crude oil and 59,759 cubic feet of natural gas.

Agiba is a joint venture company that includes Eni with 28%, Lukoil Overseas with 12%, the International Finance Company (IFC) with 10%, and the Egyptian General Petroleum Corporation (EGPC) holding the remaining 50%.