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  • Zeta Petroleum Spuds Suceava Gas Exploration Well 0 comments
    Nov 14, 2012 9:58 PM

    Zeta Petroleum (ASX: ZTA) and Raffles Energy have spudded an exploration well on their producing Suceava gas concession in Romania.

    The Musenita-1 well targets one of the many leads and prospects in the concession that could hold unrisked resources of up to 80 billion cubic feet of gas.

    Musenita-1 is located 921 metres from the producing Climauti-1 well, which currently flows 16,000 cubic metres (565,000 cubic feet) of gas per day.

    It targets the shallow Sarmatian sandstone reservoirs that are analogous to the producing reservoir in Climauti-1.

    Musenita-1 will be drilled to a total depth of 550 metres, which is expected to take about 10 days.

    A further 10 days will be required to complete logging and testing operations.

    If successful, Musenita will be completed as a production well and tied back to the Bilca Gas Processing Facility operated by Raffles through a 921 metre tie-back to the existing Climauti-1 pipeline.

    Both the Bilca Gas Processing Facility and the existing Climauti-1 pipeline have excess capacity that can be utilised by production from the Musenita-1 well.

    "The combination of existing production on the concession, shallow depths of between 400-1,000 metres resulting in lower drilling costs, multiple targets and established infrastructure and facilities, makes Suceava a highly prospective gas development project and I look forward to providing updates on Musenita's progress in due course," Zeta managing director Stephen West said.

    The broad development strategy for the Suceava concession is to step wells out from the current producing Climauti Gas Field and connect them back via short pipelines in order to fast-track additional production.

    Zeta and Raffles both hold a 50% stake in the Suceava gas concession

    Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

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