Zeta Petroleum announces drilling commences at Musenita-1 well

11/16/2012

Zeta Petroleum commences drilling in Romania at Musenita-1 well

LONDON -- Zeta Petroleum, a Romanian focused oil and gas exploration and production company, has initiated the Musenita-1 exploration well ‘Musenita’ on the producing Suceava gas concession in Romania (50% Zeta; 50% Raffles).

Musenita is located 921 m from the producing Climauti-1 well where 16,000 cmpd of gas is currently being recovered. Musenita is targeting shallow Sarmatian sandstone reservoirs analogous to those which are productive in the Climauti-1 well. The company believes the Suceava concession has the potential to hold up to 80 Bcf of shallow conventional gas.

Musenita will be drilled to a target depth of 550 m, which is expected to be reached in 10 days. A further 10 days will be required to complete logging and testing operations.

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