Zeta Petroleum Announces Drilling Commences At Jimbolia-100 Well On The NIS Gazprom Neft Operated Jimbolia Concession, Romania

Zeta Petroleum plc, the ASX listed Romanian focused oil and  gas exploration and production company, is pleased to announce the Jimbolia-100 appraisal well on the Jimbolia oil concession in Romania (39% Zeta; 51% NIS Petrol SRL (Operator); 10% Armax Gaz SA) commenced drilling at 9:00 local time on 31 December 2012.

Under the terms of a farm-out agreement dated 31 August 2012, NIS Petrol SRL (a wholly owned subsidiary of NIS Gazprom Neft) will earn a 51% working interest in the Jimbolia concession by fully funding the cost of the Jimbolia-100 well (‘Jimbolia-100’).

The Jimbolia Concession consists of two discoveries, Jimbolia Veche and Jimbolia Vest, located in the east of the proven and producing Pannonian Basin in Romania. Jimbolia-100 is targeting the Jimbolia Veche discovery, which has two hydrocarbon bearing  intervals and a current Pmean contingent oil resource of 1.72MMbbls. Previous drilling by Petrom in 1983 identified the Pliocene VIII as  an oil reservoir with a gas cap.  This was penetrated by two wells, the Jimbolia-1, which flowed at rates up to 120 bbls/day and tested at a sustained rate of 50 bbls/day for 6 days and Jimbolia-6, in which tests indicate an oil leg with an oil density of 780kg/m3 (50° API).

Jimbolia-100 will be drilled to a target depth of 2,590 metres which is expected to be reached in 35 days.   A  further  15 days will be required to complete logging and testing operations. If successful,  Jimbolia-100 will be completed as a production well.