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."



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

RELATED COMPANIES