Zeta Petroleum Spuds Baleni-1 Well on the Zegujani Block

Zeta Petroleum SRL and Rompetrol Upstream spudded Baleni-1 in Zegujani Block on September 15, 2007. In accordance with an existing agreement, Zeta Petroleum is funding and operating the well.

This exploration well located in the westernmost part of the Getic Basin is to be drilled to a planned depth of 1,300 m. The principal target is the Sarmatian and Badenian clastics that tested commercial quantities of gas in the nearby Bala wells (Mehedinti county) in the mid-seventies.

The Rompetrol Group signed an exploration, development and production agreement with The National Mineral Resources Agency in 2004, for the Zegujani Block. The Zegujani Block is 1,800 square km and contains two unappraised gas discovered.

In September 2006 Zeta Petroleum and The Rompetrol Group signed a farm-in agreement entitling Zeta Petroleum to earn up to 50% equity and operatorship of the northern partition of the Zegujani Block, in consideration of undertaking certain exploration work and drilling.

Zeta Petroleum Ltd is a privately funded, UK registered company involved in oil and gas exploration and production in central and Eastern Europe and the Black Sea region.