Petrom, the largest oil and gas producer in Southeastern Europe, announces the successful result of the exploration well 4539 Totea. The well was drilled in Southwestern Romania, in the Oltenia region, to a depth of 3,600 m and targeted a potentially large, high pressure accumulation. Wireline logging1 indicates the presence of multiple hydrocarbon bearing intervals within the early Miocene objective. During testing, a maximum stabilized flow rate of approximately 3,100 boe/d gas and associated condensate was recorded from a single zone. The results to date indicate this may be a significant new field which is to be assessed by further appraisal.

Johann Pleininger, member of the Petrom Executive Board, responsible for Exploration and Production: "I am happy to announce this success which might represent the most important onshore gas discovery in Romania during the last six years. The results obtained during tests confirm the reservoir’s potential as well as our expectations from the Oltenia region where we directed major investments."

The 4539 Totea well was drilled following a recent 3D seismic exploration program. Three successful production tests were carried out, on three representative reservoir intervals, with a maximum stabilized production rate of around 3,100 boe/d gas and associated condensate.

In order to determine the size of the accumulation, which is located in an area with a high geological complexity, Petrom will start an ambitious appraisal program. Experimental production on well 4539 Totea is estimated to start by year end, as soon as the well can be tied into nearby gas pipeline infrastructure.

Mariana Gheorghe, CEO Petrom: "Such results from our exploration activity are essential in order to supply energy to Romania and are remarkable considering that we are operating in a business which in Romania is over 150 years old. Through the investments we are making in modern technology we secure access to gas resources that have been impossible to reach so far."