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Zeta Petroleum Non-Executive Director Takes Up Initial Interest

Zeta Petroleum's (ASX: ZTA) new non-executive director Cameron Manifold has taken up a stake in the company as it progresses its Romanian gas interests.

Manifold is the founder and chief executive officer of AWT International, and joined the board of Zeta in early June.

He has now taken up 112,500 shares for $16,875 in an on market trade through the Manifold Family super fund account, in which he has a beneficial interest.

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 are being directed towards drilling at Zeta's flagship Bobocu gas field in Romania, with the aim of producing gas by mid-2013.

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

Zeta also has a 50% interest in the Suceava concession in Romania, which includes the producing Climauti gas field.

Climauti 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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