The funding arrangement involves Cooper making staged placements of up to $15.8m into Zeta to fund the appraisal and development of the Bobocu Gas Field and ongoing working capital costs of the company. In addition, Cooper will provide technical assistance in relation to the Bobocu Gas Field.
The gas field lies 110km north-east of Bucharest. Zeta has recently acquired 75sqkm of 3D seismic over the field and the seismic is now being processed by Fugro in the UK.
Following processing the seismic will be interpreted by Zeta and a report on the potential gas available for development will be completed and submitted to the Romanian government. Subject to the results of the seismic interpretation, the company expects to drill a gas appraisal well on the field in 2011.
The strategic alliance involves the two companies agreeing to exclusively and mutually seek out and secure oil and gas projects in Romania, with the participation in new projects being in the form of a 50:50 unincorporated joint venture.
Cooper is an Australian oil and gas exploration and production company with operations in Australia, Indonesia and Tunisia.
