"We are preparing to drill three exploratory wells and another for development in Gebel El Zeit, with estimate investments of $25 million," AlShenawy Badr, Drilling Operation Manager at Petrogulf Misr, told Egypt Oil & Gas newspaper (EOG).

Badr highlighted that the company drilled six exploratory wells last year, with a total investment of $60 million. As for 2010 drilling program, Petrogulf plans to drill four exploratory wells in Gebel El Zeit concession, with total investments of $25 million. “The company is expecting a new commercial finding in this area after finalizing the survey tests that would be announced soon,” he added.

Petrogulf is in the process of constructing a marine platform in cooperation with PICO. The company is also searching for a new rig to carry on operations at the Gebel El Zeit concession, since that the current 441-area rig rental period has ended.

Badr also told EOG that the company's investments in Gebel El Zeit reached up to $110 million in 2009.

Badr ended his statements to EOG by assuring that Petrogulf aims to maintain its daily production steady.