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BELGRADE (Serbia), July 25 (SeeNews) - Serbian oil and gas company NIS [BEL:NIIS] plans by the end of 2019 to drill two more wells as part of an oil exploration programme in western Romania, its joint venture partner in the project, Canada-based East West Petroleum, said on Thursday.
NIS will drill one more appraisal well in the EX8 exploration block in Romania in the fourth quarter of 2019, and another exploration well in the same block, which will be spud in August 2019, East West Petroleum said in a statement.
The Serbian company finished drilling on the Bvs-1000 well in EX8 in March, and preparation for testing is ongoing, with a plan to start in the fourth quarter of 2019, East West Petroleum said.
On block EX-3, processing of the data acquired last year on 223 sq km 3D seismic programme has been finished, interpretation of data is ongoing and results are expected in the fourth quarter.
In the third quarter of 2019, NIS will start an acquisition programme of 3D seismic in the amount of 170 sq km in block EX2 as well as experimental production on the Ter-1000 well in block EX7, East West Petroleum noted.
In October 2011, East West Petroleum entered into a farmout agreement with NIS where the Serbian company agreed to operate and fund 100% of the mandatory Phase 1 work programme in return for earning an 85% working interest in each block.
The four blocks cover a total of 4,079 sq km and are located on the eastern margin of the producing Pannonian Basin. The blocks carry a mandatory Phase 1 exploration work programme which includes for seismic acquisition and the drilling of three wells in each block at an originally estimated total programme cost of $62.3 million (55.8 million euro).
($ = 0.8949 euro)