During the Pharaonic Petroleum Company's general assembly, Minister of Petroleum and Mineral Resources Tarek El Molla emphasized the significance of prioritizing the exploration of new wells to discover natural gas in the Mediterranean Sea. He also stressed the importance of enhanced coordination and collaborative efforts to expedite the development of identified fields and bolster production levels, notably at the Atoll field.

Chairman Hossam Zaki highlighted the company's achievement of daily production rates averaging around 400 million cubic feet (mcf/d) of gas and 9,300 barrels of condensates during the first half of the fiscal year 2023/24. Additionally, the company sustained production levels at the Atoll field in North Damietta despite challenges, owing to the high operational efficiency of its assets.

Zaki disclosed the company's plans to drill an exploratory well for deep layers at the Atoll field following the analysis of recent 3D seismic data. Moreover, the company maintained its exemplary safety performance, boasting an unprecedented average of 31 safe working hours since 2015, thereby ensuring a secure work environment.