Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Zeta Petroleum Prepares To Log Jimbolia Oil Appraisal Well

Zeta Petroleum (ASX: ZTA) has drilled its Jimbolia-100 oil appraisal well in Romania to its target depth and is now preparing to carry out logging operations.

A decision will made on testing of the well once the logging results are received.

Jimbolia-100 is operated by Serbian oil and gas company NIS Gazprom Neft, which is majority owned by Russian gas giant Gazprom.

It was drilled to a depth of 2,590 metres to assess the Jimbolia Veche oil discovery that has two hydrocarbon bearing intervals and a current Contingent Resource of 1.72 million barrels of oil.

If successful, Jimbolia-100 will be completed as a production well.


Previous drilling at Jimbolia by Petrom in 1983 identified the Pliocene VIII as an oil reservoir with a gas cap.

This was penetrated by two wells, the Jimbolia-1, which flowed at rates up to 120 barrels per day and tested at a sustained rate of 50 per day for six days and Jimbolia-6, which intersected an oil leg.

Zeta then acquired the Jimbolia concession in 2007 and has collated all existing well data and 2D seismic data on the field.

This has allowed it to complete a geological model and identify drill targets.

It then farmed out a 51% operating stake to NIS Gazprom Neft, the biggest one of the biggest vertically integrated oil companies in South East Europe, operating 53 oil and gas fields in Serbia.

Zeta retains a 39% stake in Jimbolia while the remaining 10% is held by local company Armax Gaz.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.