September 27 (SeeNews) - Australian oil and gas exploration and production company Zeta Petroleum Limited said it will drill two wells in Romania in the fourth quarter of 2012 targeting identified shallow and deep targets.
The company plans to drill wells in the Suceava and Jimbolia fields in November and December, respectively, Zeta Petroleum said in a statement on Wednesday.
"In addition, at Suceava we have multiple targets to exploit, which due to the shallow nature, are low cost to drill, can be quickly connected to existing gas processing and export infrastructure and importantly have short paybacks," Zeta Petroleum managing director Stephen West said in the statement.
"We have a second structure at Jimbolia where a previous discovery has also been made which needs to be tested, as well as 6,000 square kilometres of prospecting permits, which we believe will yield further exploration acreage," West said.
Zeta Petroleum has a 100% interest in Bobocu gas field licence, 50% interest in the Suceava gas field licence and 39% stake in the Jimbolia oil field licence.
Updated geological model for Bobocu is expected to be released by late October 2012, the company said.
Zeta Petroleum said it maintains a cash position of some 3.3 million Australian dollars ($3.4 million/2.7 million euro) and has the funds necessary to drill the next two wells in Romania this year.
(1 euro=1.2373 Australian dollars)