Zeta Petroleum announces drilling commences at Jimbolia-100 well on the NIS Gazprom Neft operated Jimbolia concession, Romania

1/3/2013

Zeta Petroleum announces drilling commences at Jimbolia-100 well on the NIS Gazprom Neft operated Jimbolia concession, Romania

Zeta Petroleum announced the Jimbolia-100 appraisal well on the Jimbolia oil concession in Romania 39% Zeta; 51% NIS Petrol SRL Operator 10% Armax Gaz commenced drilling on 31 December 2012.

Under the terms of a farm-out agreement dated 31 August 2012, NIS Petrol SRL a wholly owned subsidiary of NIS Gazprom Neft will earn a 51% working interest in the Jimbolia concession by fully funding the cost of the Jimbolia-100 well. The Jimbolia Concession consists of two discoveries, Jimbolia Veche and Jimbolia Vest, located in the east of the proven and producing Pannonian basin in Romania. Jimbolia-100 is targeting the Jimbolia Veche discovery, which has two hydrocarbon bearing intervals and a current Pmean contingent oil resource of 1.72 MMbbls.

Previous drilling by Petrom in 1983 identified the Pliocene VIII as an oil reservoir with a gas capital. This was penetrated by two wells, the Jimbolia-1, which flowed at rates up to 120 bpd and tested at a sustained rate of 50 bpd for 6 days.

Jimbolia-100 will be drilled to a target depth of 2,590 m which is expected to be reached in 35 days. A further 15 days will be required to complete logging and testing operations. If successful, Jimbolia-100 will be completed as a production well.

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