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Romanian Jimbolia Well Not Flowing as Expected

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Romania-focused Zeta Petroleum reported Tuesday that oil has not flowed as expected at its 39 percent-owned Jimbolia-100 well on the Jimbolia oil concession.

In mid-August, Zeta announced that both oil and gas flowed to surface during production testing of the second interval of Jimbolia-100 and that the operator would be applying standard conventional stimulation methods in an effort to improve the well flow rates.

However, Zeta said Tuesday that the well's operator, a subsidiary of Gazprom Neft, recently informed the company that following stimulation operations the second interval did not flow oil to surface, only producing gas containing high levels of carbon dioxide.

The operator is now preparing to test the two remaining intervals: the third interval lies between 8,310 feet and 8,320 feet and the fourth interval between 8,275 feet and 8,288 feet.

Zeta Managing Director Bogdan Popescu commented in a company statement:

"The post-stimulation test results on the second interval of the Jimbolia well are obviously a disappointment.  The operator, who is fully funding the drilling of the Well, intends to test the two remaining intervals to the total depth of 2,526 meters, and an update will be made in due course."



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