Zeta Petroleum plugs Musenita well in Romania

12/3/2012

Zeta Petroleum plugs Musenita well in Romania

BUCHAREST -- Zeta Petroleum has announced that the Musenita-1 exploration well on the producing Suceava gas concession in Romania (50% Zeta; 50% Raffles Energy) was drilled to a depth of approximately 600 m in November. Reservoir sections were encountered as expected and three tests were subsequently performed on the well. No commercial gas flowed to surface and as a result, Musenita is now being plugged and abandoned by the operator.

Musenita was assigned a one in three chance of success and was just one of a number of step out exploration targets from the nearby Climauti gas field which continues to produce gas at 16,000 MMcmd. The partners in the Suceava concession intend to drill further step out targets in due course.

In the meantime, NIS Gazprom remains on course to drill a well in December 2012 on the Jimbolia concession in which Zeta retains a 39% interest. The well is targeting oil. Under the terms of the farm out, NIS Gazprom will earn a 51% interest in the licence by fully funding the well costs.

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