Zeta Updates on Romanian Prospect

Zeta Petroleum has released an update on the Suceava gas concession in Romania.

Two existing wells have tested at flows of around 25,000 cubic metres per day each, and a further feasibility study is planned.

The company said it anticipates additional revenues of €55,800 ($75,000) a month from the two wells, and proposes to spend €2 million on a conventional pipeline and facilities.

The Climauti gas field is located on the 2,403 sq km area, on the Moldovian platform 370km north of Bucharest.

 The company's managing director, Stephen West, commented: "These two gas discovery wells on Suceava highlight the connection's prospectivity, and highlight a low cost route to materially increase our net revenues later this year. We anticipate the two wells will recover their costs within 12 months, freeing up capital and generating revenues that can be reinvested elsewhere across our portfolio of assets."

See also: Zeta Petroleum: Never Say Dry