BUCHAREST (Romania), July 2 (SeeNews) – Australian oil and gas exploration and production company Zeta Petroleum Limited said on Monday the budgeted cost of operation of the first well to be drilled at its Bobocu gas field in Romania is $3.5 million (2.8 million euro).
"The Bobocu 310 well, which is anticipated to spud in the third week of July 2012, will be drilled to a target depth of 2,700 metres and is expected to take 30 days to be drilled to this depth," the company said in a statement.
"It is then expected that a further 10 days will be required to complete logging and testing operations," it added.
Bobocu gas field, located in southeastern Romania, was acquired by Zeta Petroleum in 2007.
"The company has established a Pmean contingent resource of 44 Bcf [billion cubic feet] and a Pmean prospective resource of 14 Bcf."
"We have spent a number of years de-risking the field through desk based studies and 3D seismic and the project is now ripe for drilling," Zeta Petroleum's managing director Stephen West said in the statement.
Zeta Petroleum has a 100% interest in the Bobocu gas field and the Jimbolia oil field in Romania. It also has a 12.5% fully carried interest in the Padureni gas field in the country.