Zeta Petroleum launches option issue 

(MENAFN - ProactiveInvestors - Australia) Zeta Petroleum (ASX: ZTA) has launched a pro-rata non-renounceable rights issue of loyalty options to raise A333,406 for working capital.

The Romania-focused company is offering one loyalty option for every four shares or CHESS Depositary Interests held at an issue price of 0.01 each. The loyalty options are exercisable at 0.30 on or before 15 July 2015.

Zeta is currently fully funded for the next stage of its exploration program with a cash position of about 4 million, as well as income from its producing Romanian asset.

The exploration program will include a well targeting oil on the Jimbolia concession, where Zeta has a 39% interest and is fully carried by farm-in partner Serbia-based NIS Gazprom Neft, which is majority owned by Russia's Gazprom " the largest gas producer in the world.

NIS will fund 100% of the cost of the next exploration well and payment of contingent cash amounts to Zeta for its 51% operating stake.

Additionally, a well on the Suceava concession, targeting shallow gas, where Zeta has a 50% interest is also planned for the December quarter 2012, as well as additional evaluation work on the Bobocu Gas Field.