Romania: Raffles, Zeta to study hookup of two gas finds

Raffles Energy SRL and Zeta Petroleum PLC will study the feasibility of hooking up two commercial gas discovery wells this year on the 2,403 sq km Suceava concession in northern Romania.

Climati gas field on the concession produces 547 Mcfd of gas from Sarmatian sands at 1,500 ft. The concession is 370 km north of Bucharest, adjacent to Chevron’s Barlad concession, and near southwestern Ukraine.

Raffles as operator and Zeta with 50-50 interests in Suceava will study feasibility of either connecting the wells to an existing pipeline or installing gas-to-power technology. The 2005 SE-1 discovery peaked at 1.16 MMcfd and stabilized at 900 Mcfd, and the 2007 Dornesti Sud at 848 Mcfd of gas.

Zeta believes potential exists on Suceava for as much as an unrisked 80 bcf of conventional gas based on five leads and prospects at 1,300-3,300 ft.

Zeta believes it could recover development costs from SE-1 and Dornesti Sud within 12 months, freeing up capital and generating revenue that could be reinvested. The company has a 100% interest in the previously producing Bobocu license in southeastern Romania and a 39% interest in the Jimbolia concession in western Romania.

NIS Gazprom Neft is drilling the Jimbolia-100 well into the Veche discovery, which Zeta said has the potential for a 1.72 million bbl mean contingent resource.

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