39% owned, non-operated
The Jimbolia licence is located in the proven producing eastern part of the Pannonian Basin, approximately 40km west of Timisoara on the Romanian-Serbian border and covers an area of 23.9km2. The licence contains two discoveries, Jimbolia Veche and Jimbolia Vest that were discovered in 1983 by Petrom.
Zeta Petroleum (Romania) SRL acquired the Jimbolia licence in 2007 and since then has collated all existing well data and 2D seismic data on the field to complete a geological model, identify drill targets and establish a Pmean contingent oil resource of 1.72MMbbls.
The Jimbolia Veche discovery has two hydrocarbon bearing intervals:
- Jimbolia Oil Field: the Pliocene VIII which is an oil reservoir with a gas cap penetrated by two wells: Jimbolia-1 (flowed at rates up to 120 bbls/day and tested at a sustained rate of 50 bbls/day for 6 days) and Jimbolia-6 in which tests indicate an oil leg with an oil density of 780kg/m3 (50° API); and
- Jimbolia Gas Field: the Pliocene III gas reservoir which was brought on stream from 1985 to 1998 and produced 2.89Bcf of gas. It is worth noting that the Pliocene III interval showed a spike in drilling gas during the last well penetration in 2010 suggesting that there may be some remaining reserves, or that some limited recharge may have taken place.
The Company believes there is additional potential in the Jimbolia Vest discovery which was tested (but not produced) over two intervals of the Lower Pliocene IV, with the lower interval (16m) flowing 33% CO2, 61% CH4 and condensate at rates of 196Mscf/d, and the upper interval (8m) testing gas (no flow rate details available).
The discovered oil in the Jimbolia Oil Field has never been produced.
In August 2012, the Company farmed out a 51% interest in the Jimbolia concession to NIS Gazprom Neft, in return for NIS Gazprom Neft funding the drilling of an appraisal well.
The Jimbolia-100 appraisal well was drilled to target depth and logs acquired in 2013. Production tests were conducted on the primary target zones but analysis of the test results obtained showed the zones not to be economic. This was in large part due to the presence of a high proportion of carbon dioxide in the gas/condensate phase.
During 2014 the Operator tested several additional and potentially gas-bearing shallower zones in the well. Production from these intermediate zones could enable the partners to recover their past investment. Natural Gas was encountered in some of these additional zones and flowed to surface. The well was suspended pending an economic analysis of the potential to put the well into production.
In 2015 NIS Gazprom Neft proposed a development project for up to two existing wells on the concession. Zeta evaluated the proposal and declined to participate as the economics were unfavourable due to the cost recovery to the Operator for the drilling of the Jimbolia-100 well. The Operator has commenced the development project as an exclusive operation. Zeta Petroleum retains all of its rights to participate in future exploration projects on the concession.