Disappointing Results for Zeta Petroleum at Musenita-1 Well
Zeta Petroleum plc has announced the Musenita-1 well will be plugged and abandoned by the Operator following disspointing drill results.
The well is located on the producing Suceava gas concession in Romania (50 percent Zeta, 50 percent Raffles Energy S.R.L. as Operator) and was drilled to a depth of approximately 600 metres on 22 November 2012. Reservoir sections were encountered as expected and three tests were subsequently performed on the well and no commercial gas flowed to surface.
Musenita was assigned a one in three chance of success and was just one of a number of step out exploration targets from the nearby Climauti gas field which continues to produce gas at 16,000m3/day. The partners in the Suceava concession intend to drill further step out targets in due course.
The drilling of Musenita has fulfilled all current work programme commitments on the Suceava gas concession.
Zeta Petroleum plc Managing Director Stephen West said, “Suceava remains a highly prospective development project with the potential to hold unrisked resources of up to 80Bcf gas. Notwithstanding Musenita, multiple step-out exploration targets from the producing Climauti field that can be drilled at similar low cost levels remain, and it is the intention of the operator Raffles and ourselves to drill these in due course. In addition, we are currently evaluating the feasibility of monetising several stranded gas assets in the southern end of the concession by utilising gas to power technology. As a result, considerable options remain with regards to unlocking the value of Suceava, 50% of which we acquired earlier this year.