(MENAFN- ProactiveInvestors - Australia) Zeta Petroleum (ASX: ZTA) has spudded the Jimbolia-100 appraisal well targeting 1.27 million barrels of Contingent Oil on the Jimbolia oil concession in Romania.
"The spud of Jimbolia-100 is another significant milestone for Zeta which we have delivered on schedule and which is fully funded by our farm-in partner, NIS Gazprom Neft," Zeta managing director Stephen West said.
"This well is the first new well in over 20 years to be drilled into the Jimbolia Veche discovery, which has the potential to hold Pmean contingent resources of 1.72 million barrels. I look forward to providing updates on the progress of Jimbolia-100 in due course."
Serbia-based NIS Gazprom Neft is earning a 51% operating interest in the Jimbolia concession by fully funding the cost of the well.
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 barrels per day and tested at a sustained rate of 50 per day for six days and Jimbolia-6, which intersected an oil leg.
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.
Jimbolia
Zeta acquired the Jimbolia concession in 2007 and has collated all existing well data and 2D seismic data on the field.
This has allowed it to complete a geological model, identify drill targets and establish a contingent resource of 1.72 million barrels of oil.
Zeta had previously selected a drilling location for the Jimbolia 100 appraisal and development well and had started government and environmental permitting procedures for the well.
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