Romania-focused Zeta Petroleum reported Wednesday that it has raised a total of $940,000 (AUD 1 million) from a rights issue of Chess Depositary Interests connected to its listing on the Australian Securities Exchange. The firm said a substantial part of the funds raised will be used to bring into production its Dornesti Sud-1 well on the Suceava gas concession in the north of Romania.
Zeta Managing Director Stephen West commented in a company statement:
"We are pleased that we were able to raise in excess of AUD 1 million in challenging market conditions. In line with our strategy to rapidly grow production, a large portion of the funds raised will be used to bring the Dornesti Sud-1 well into commercial production in early 2014.
"There are a number of interesting developments underway on all our assets, including: potentially bringing a second gas discovery well on Suceava into production; plans, subject to financing, to drill a sidetrack well on the previously producing Bobocu gas concession in 2014; and the on-going testing operations being carried out on the NIS Gazprom Neft operated Jimbolia 100 well.
"Each of these has the potential to materially increase both our net production and proven reserves and in the process generate significant value for all our shareholders. I look forward to providing updates on our progress in due course."
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