Perth-based oil and gas explorer Zeta Petroleum is expecting to list on the ASX early next month, after its $8.35 million initial public offering closed oversubscribed.
Zeta said it now looked forward to commencing drilling at its Bobucu gas field, and appraise and develop the Jimbolia oil field, both projects which are in Romania.
“We expect the Bobucu gas field to be in full production by the middle of 2013, which corresponds with the deregulation of the Romanian gas market,” Zeta managing director Stephen West said.
“We expect this EU sanctioned deregulation to more than double the current gas price of $US4.25/Mscf.
“Bobucu is a very attractive gas redevelopment project in a country with a deep and mature gas market that imports over 30 per cent of its natural gas demand.”
Mr West said Zeta was also looking to acquire additional oil and gas assets in Romania.
The IPO was lead managed by Patersons Securities and supported by Pursuit Capital.
Pursuit Capital said the response to the IPO was encouraging, considering the challenging nature of global equity markets.
