Zeta Disappointed at Bobocu-310 Well
Zeta Petroleum has today announced that it has suspended drilling on its Bobocu-310 well in Romania after failing to yield any commercial gas.
Zeta, which had begun drilling on the Bobocu field after testing showed the field still had large potential reserves, said that initial testing of the well did not indicate any commercial gas, despite the well having encountered multiple gas shows during drilling. Wireline logs had also indicated the presence of gas bearing reservoirs.
The company was targeting unexploited reserves of gas on the previously producing field, which are estimated to total around 44.36 billion cubic feet (current contingent gas resource) and 14.09 billion cubic feet (Pmean prospective resources). The field has a history of production dating back to 1977, when the field was first put into production by Romanian company Romgaz. Romgaz ceased production on the field in 1995. However, Zeta said that a poor handling and understanding of the field had meant that significant resources were overlooked. The Bobocu-310 well, the first of six planned wells for the field, was aiming to exploit these resources.
Zeta said today that, following testing on the Bobocu-310 well, it was surmised that the well was targeting prospects on a depleted area. Despite the disappointment, Zeta says that it will use the data gleaned from the drilling operation to inform its other operations on the field.
"Although disappointed, we will use the data to update the Bobocu field’s geological model and target our next well on this previously producing gas field," Managing Director of Zeta, Stephen West said.
"We have five further targets on the project area which with a current contingent gas resource of 44.36Bcf remains highly prospective. Our campaign to unlock the value of our portfolio remains on track. There remains significant potential in our multi target portfolio, and with revenue, a world class farm in partner at Jimbolia and cash at bank we are confident that we can generate value going forward."
Zeta is the operator of the Bobocu permit with a 100 per cent stake.