Zeta Raises Funds for Romanian Well
Romania-focused Zeta Petroleum reported Wednesday that it is raising $1.2 million (AUD 1.3 million) on the Australian Securities Exchange to fund work programs on its assets.
Zeta plans to bring the Dornesti Sud-1 well into production. This is a discovery well on the company's 50 percent-owned Suceava gas concession. It has tested at a rate of 918,000 cubic feet of gas per day and is currently suspended, ready for production.
Zeta Managing Director Stephen West commented in a company statement:
"In line with our strategy to rapidly grow production and revenues, we will invest a large portion of the funds raised towards bringing the Dornesti Sud-1 well into commercial production so as to more than double our existing production at Suceava.
"Dornesti Sud-1 is just one of four potential wells over the next eighteen months that have the potential to significantly increase our production. In addition to a second gas discovery well on Suceava and a sidetrack well on Bobocu that will, subject to financing, be drilled and/or brought into production in 2014, testing is due to commence shortly on the NIS Gazprom Neft operated Jimbolia 100 well."
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