Romania-focused Zeta Petroleum announced Thursday that the geological model of its onshore Bobocu gas field project has substantially improved following the inclusion of new data.
Zeta said that the new data, including well log and pressure evaluation work, indicates that its Bobocu 310 well is located at the edge of a reservoir lobe, and that drilling during September uncovered multiple gas shows with wireline logs indicating a presence of a gas-bearing reservoir.
The company added that newly-acquired shear sonic logs are now being used to fine tune 3D seismic data in order to further improve the geological model. Meanwhile, while the firm's management team is confident that Bobocu remains a highly-prospective development project, it said that multiple wells will be required to bring it into full field production.
Zeta Managing Director Stephen West commented in a company statement:
"With the improved geological model at our Bobocu project we remain confident that the previously producing Bobocu field is prospective and can be brought back into production. Following detailed examination of the well data acquired from drilling in September 2012 and the acquisition of modern logs we can now see that the Bobocu 310 well was not drilled at the optimum location. Armed with a more comprehensive understanding of the geology, we believe the in situ gas at Bobocu can be recovered and in the process unlock and maximise value for shareholders. Further updates on our progress at Bobocu will be provided in due course."
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