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Zeta Logs Indicate Hydrocarbons at Jimbolia Well

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Zeta Petroleum announced Thursday that logs acquired from the Jimbolia-100 appraisal well on the Jimbolia oil concession in Romania indicate the presence of hydrocarbons in multiple sands.

Zeta said the results from the well are consistent with two previous discovery wells drilled on the concession: Jimbolia-1 which oil tested at 120 barrels of oil per day (bopd) and Jimbolia-6 which tested oil at 36 bopd. Accordingly, a decision has been made to flow test the well, the cost of which will be wholly funded by the operator, NIS Petrol SRL (a subsidiary of NIS Gazprom Neft).

Jimbolia-100 reached its target depth of 8,497 feet (2,590 meters) Feb. 21. The well was then logged with wireline tools and a seven-inch liner run and cemented into the bottom section of the hole. Zeta said that the operator has advised that the current drilling rig will now be removed and replaced with a lighter workover rig for the testing phase. Although this will cause a delay to the start of testing whilst the rigs are changed over, it will allow a complete and extensive testing program to be carried out.

Zeta added that it would provide further information regarding the changeover rig and the flow testing of the well as and when it is updated by the operator.

The Jimbolia-100 well, in which Zeta holds a 39-percent stake, is targeting the Jimbolia Veche oil discovery which has two hydrocarbon bearing intervals and a current Pmean contingent resource of 1.72 million barrels.



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