ZETA Petroleum prepares IPO on the Australian Stock Exchange

Newsroom 05/10/2011 | 16:06

The independent oil and gas producer ZETA, with strong presence in Romania, announced today the appointment of Pursuit Capital, a Perth based corporate advisor, as Lead Manager for the IPO of the company on the Australian Stock Exchange. ZETA intends to raise funds up to AU USD 15 million for drilling operations in Bobocu gas field, new ventures and working capital. The IPO is expected to complete by March 2012.

The Bobocu concession, fully owned by ZETA, contains a mature biogenic gas. The company will develop new drilling wells or will work over existing ones, as this gas field was first discovered in 1966. The production started in 1977 and abandoned in 1995 due to problems of sand influx in well boreholes from producing reservoirs.

During 2010, ZETA acquired, processed and interpreted 75.25 km2 of 3D seismic over the Bobocu field. The company is now working towards drilling a new well in the field in Q4 2011.