Zeta Petroleum provides update on Jimbolia-100 well, Romania

Zeta Petroleum plc, the ASX listed Romanian focused oil and gas exploration and production company, announces an update on the Jimbolia-100 well (‘Jimbolia-100’ or ‘the Well’), an appraisal well on the 39% owned Jimbolia oil concession in Romania, which is operated and 100% funded by NIS Petrol SRL (a wholly owned subsidiary of NIS Gazprom Neft).

On 19 August 2013, the Company announced that both oil and gas flowed naturally to surface during production testing of the second interval of the Jimbolia-100 well and that the Operator would be applying standard conventional stimulation methods in an effort to improve the Well flow rates. The Operator has recently informed Zeta that following the stimulation operations, the second interval did not flow oil to surface, only producing gas containing high levels of CO2.

The Operator is now preparing to test the two remaining intervals: the third interval lies between 2,533-2,536m and the fourth interval at 2,522-2,526m. Further information regarding the testing of the Well will be provided to the market as and when the Company is updated by the Operator.

Zeta Petroleum plc Managing Director Bogdan Popescu said, ‘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 2,526m, and an update will be made in due course.’

Background on the Jimbolia-100 Well

The cost of drilling and testing the Well is being funded 100% by the Operator. The Jimbolia-100 well (39% Zeta; 51% NIS Petrol SRL; 10% Armax Gaz SA) is targeting the Jimbolia Veche oil discovery which has two hydrocarbon bearing intervals and a current Pmean contingent resource of 1.72MMbbls. Jimbolia-100 reached its target depth of 2,590 metres on 21 February 2013. The Well was then logged and a 7 inch liner run and cemented into the bottom section of the hole.

Four targets in the Well were identified for perforation and testing: first target 2,559m to 2,565m which has been tested and yielded no oil; second target 2,547m to 2,550m; third target 2,533m to 2,536m; and fourth target 2,522m to 2,526m.