In consistence with its development plan for the 2011-2012 fiscal year, Qarun Petroleum has completed the drilling of two new developmental wells in its concession area located in the Western Desert.

Sources have revealed that the first well, HEBA-501, which located in the East Bahariya West development lease, spurred investments totaling $1 million. The drilling operation was conducted to a depth of 6,510 feet, using the EDC-63 rig. The oil-producing well has yet to be added to the company’s overall production rates.

The second developmental well, YOMNA-24 is also oil-producing. It was drilled to a depth of 4,900 feet via the EDC-64 rig.  Drilling investments in the well, which has not yet been added to Qarun’s overall production rates, have reached $500,000.

Over the course of last April, Qarun Petroleum reported production of 1,654,285 barrels of crude oil.

Qarun Petroleum Company is a joint venture between the Egyptian General Petroleum Corporation (EGPC) and American petroleum operator Apache.