Drilling commenced on 31 December 2012, in which Zeta has a 39 per cent interest, NIS a 51 per cent interest and Armax Gas Sa a 10 per cent interest.
Naftna Industrija Srbije AD is a Serbian oil and gas company controlled by OAO Gazprom Neft.
The well is targeting the Jimbolia Veche oil discovery which has two hydrocarbon bearing intervals and a current Pmean contingent resource of 1.72MMbbls.
Casing has been run and cemented to a depth of 2,391 metres.
Subject to confirmation of a successful cementing job, the well will be logged before drilling through the targeted oil reservoir and ahead to the target depth of 2,590 metres.
Target depth is expected to be reached within the next five days. A further 15 days is required to complete logging and testing operations.
If successful, Jimbolia-100 will be completed as a production well.
A further update will be provided once the well has reached its target depth.
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.