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Petrom Announces Potential Significant Gas Find in NW Romania

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BUCHAREST (Dow Jones Newswires), July 7, 2011

Romania's dominant oil company OMV Petrom said drilling success at its 4539 Totea exploration well in the southwestern region of Oltenia, in what could be the "most important onshore gas discovery in the last six years," news agency Mediafax reported.

The 4539 Totea well was drilled following a recent 3D seismic exploration program. Three successful production tests were carried out, with a maximum stabilized production rate of around 3,100 barrels of oil equivalent/day gas and associated condensate, Petrom said in a statement.

"I am happy to announce this success which might represent the most important onshore gas discovery in Romania during the last six years. The results obtained during tests confirm the reservoir's potential as well as our expectations from the Oltenia region where we directed major investments," said Johann Pleininger, member of the Petrom Executive Board, responsible for Exploration and Production.

Petrom said it will start an appraisal program to determine the size of the accumulation, which is located in an area with a high geological complexity. Experimental production on well 4539 Totea is estimated to start by year-end, once the well is linked to the nearby gas pipeline infrastructure.

Petrom is Romania's largest vertically integrated oil company. Austrian OMV owns 51% of the company's shares, while Romanian Economy Ministry and regional investment fund Fondul Proprietatea hold 20.64% and 20.11% in Petrom, respectively. The reminder 8.24% stake is traded on the Bucharest bourse.

Copyright (c) 2011 Dow Jones & Company, Inc.

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