Zeta Petroleum signs data sharing agreement with Chevron in Romania

4/22/2013

Zeta Petroleum signs data sharing agreement with Chevron in Romania

BUCHAREST -- Zeta Petroleum, a Romanian-focused oil and gas E&P company, announced the signing of a data sharing agreement between itself, Raffles Energy and Chevron Romania Exploration and Production, a subsidiary of Chevron Corp. The agreement covers the exchange of well data and similar information relating to the 2,403-sq km Suceava gas concession in Romania (50% Zeta, 50% Raffles), and the adjoining 6,284-sq km Chevron-operated Barlad concession.

The agreement gives the relevant parties access to certain data on each concession, including historic well and seismic data. The exchange has the approval of the regulator, Romania’s National Agency for Minerals and Resources.

The Suceava concession, operated by Raffles, is located on the Moldovian platform, approximately 370 km north of Bucharest, and is contiguous to the Chevron-owned Barlad concession. Suceava includes the Climauti gas field, which is currently producing approximately 15.5 Mcmpd from Sarmatian sands from a depth of roughly 460 m.

Zeta, alongside Raffles, will be evaluating existing data for the Barlad concession to identify conventional hydrocarbon targets in the area. The Barlad concession lies adjacent to the Roman-Secuieni gas field operated by Romgaz, which is one of the largest commercial gas fields in Romania.

Across the Suceava concession, it is estimated that there is the potential for up to 80 Bcf of un-risked shallow conventional gas based on five leads and prospects identified at depths of 400 -1,000 m. In addition, two existing gas discovery wells are located on the concession.

A feasibility study is being undertaken to evaluate how best to bring these two wells into production in 2013, and, in the process, significantly increase current production from the concession. Both wells were successfully drilled by previous owners of the concession and flowed commercial rates of gas in tests. The SE-1, drilled in 2005, tested at a stable rate of 25.5 Mcmpd (peak rate in excess of 33 Mcmpd) and the Dornesti Sud-1, drilled in 2007, tested at 24 Mcmpd.

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