Zeta Petroleum Gives Positive Update on Romania

Zeta Petroleum, the Romanian exploration company, has updated prospects for its Bobocu gas field project.

The project saw a setback earlier this year, when initial drilling seemed not to yield sufficient reserves of commercial gas.

Zeta now says latest results from drilling are good. The company said new data indicated that the Bobocu 310 well is located at the edge of a reservoir lobe and down-dip from the remaining gas.

There were multiple gas shows during drilling in September 2012 and wireline logs indicate presence of gas bearing reservoir at Bobocu, it said.

Newly-acquired shear sonic logs are now being used to fine tune 3-D seismic data through seismic inversion.

According to managing director, Stephen West, an improved geological model has given the company confidence that it can resume production.

 "Following detailed examination of the well data acquired from drilling in September 2012 and the acquisition of modern logs we can now see that the Bobocu 310 well was not drilled at the optimum location. Armed with a more comprehensive understanding of the geology, we believe the in situ gas at Bobocu can be recovered and in the process unlock and maximise value for shareholders," he said in a statement.