New Gas Discovery in EIV-1 Suceava Concession, Romania

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Raffles Energy SRL (“Raffles”) a wholly owned subsidiary of Raffles Energy Group is delighted to announce that a new gas discovery was made recently in EIV-1 Concession Suceava (Raffles 50% and operator, Zeta Petroleum SRL 50%) in North East Romania.

The Ruda-1 well, targeting an exploration prospect analogue to the Climauti gas field, was drilled to a total depth of ca 600m. The conventional natural gas (containing over 98% methane) was discovered in a good quality Sarmatian sandstone reservoir that tested at a flow rate in excess of 25,000m3/day on a 12mm choke.

Ruda-1 was completed as a production well and put in conservation. The plan is to connect the discovery to the Bilca gas processing plant operated by Raffles via a ca 750 meters tie back to the existing Climauti field to Bilca flowline. It is expected that Ruda discovery will start the experimental production in Q2 – 2015.

Dr Doru Morariu, Chief Executive Officer, commented:

Raffl-1   Raffl-2

 

 

 

 

 

 

 

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“We are delighted to report that a new gas discovery has been made in EIV-1 Suceava Concession. This reconfirms the hydrocarbon potential of the Suceava licence as a proven conventional shallow gas play. The Ruda gas discovery provides an excellent, additional near-term production opportunity to meet in short term the local market demand for natural gas. Over the next coming years, Raffles plans to continue the exploration activities in EIV-1 Suceava Concession based on a work program approved by the National Agency for Mineral Resources. The petroleum operations will focus on the geological and geophysical complex evaluation of a portfolio of shallow gas prospects and the selection of the most prospective candidates for further exploration drilling”.

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Gabriel Avăcăriței

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