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Zeta Petroleum: Romanian Gas Progress Attracting Investor Attention, MD Stake Increases

Zeta Petroleum (ASX: ZTA) managing director Stephen West has increased his indirect interest in the company through a transaction by Cresthaven Investments.

Cresthaven spent $15,000 at about $0.147 per share to take up 102,500 shares in the newly minted company, in an on market trade.

West holds an indirect beneficial interest in Cresthaven.

Zeta Petroleum hit the boards of the ASX on Wednesday May 23 2012 following a successful A$8.35 million initial public offering.

Funds from the IPO will go towards drilling at the company's flagship Bobocu gas field in Romania, with the aim of producing gas by the middle of 2013.

Bobocu hosts contingent gas resources of 44.36 billion cubic feet and prospective resources of 14.09 billion cubic feet.

Late last month, Zeta acquired a 50% interest in the producing Suceava concession in Romania.

This concession includes the Climauti gas field, which produces 17,000 cubic metres of gas per day from the Sarmatian reservoirs at about 460 metres depth.

Based on existing production, Zeta stands to gain about $25,000 per month in net revenue from Climauti, with about 2 billion cubic feet of recoverable gas reserves.

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