Kuwait – Mubasher: Gulf Petroleum Investment (PetroGulf) Company signed on Monday a contract with Rig Ways Company to drill a number of wells in Egypt.

The extendable contract covers a period of six months, starting on 16 March, the company said in a bourse filing.

The contract amounts to KWD 765,000, which reflect on the company’s financial results in the first quarter of 2016.

Late 2015, a subsidiary to PetroGulf earlier won a drilling tender worth $59.4 million in Egypt.

The Kuwait -listed company’s share declined 2.25% to 43.5 fils in today’s early trading as 6.7 million shares were traded at KWD 294,400.