Alberta-based Serinus Energy said Thursday that its Moftinu-1002bis exploration well in Romania encountered seven hydrocarbon pay zones.
Moftinu-1002bis is located in the Satu Mare concession in northwest Romania and reached a total depth of 6,833 feet.
Open hole wireline logs, mud logs and drill cuttings indicate seven Cenezoic aged sandstones with an aggregate of 296 feet of hydrocarbon bearing rock and 72 feet of potential net pay.
Only a limited electric log suite was obtainable over three of the lower zones due to several well stabilization issues that resulted in hole collapse and washout.
“The wellbore instability appears to be due to increased tectonic stress at the top of the structure,” Serinus said.
The net pay in those zones was determined primarily from strip logs, mud logs and observation of fluorescence.
A liner has been set and cemented in place at a depth of 5,715 feet.
Serinus expects to win approval for a completion and testing program in February.
Moftinu-1002bis was the second of a two well 2014 drilling program by Serinus in the Satu Mare concession.
Completion and testing of both Moftinu-1002bis and the previously drilled Moftinu-1001 will commence in February and is expected to be complete in early March.
“Despite our inability to get a complete log suite over the entire wellbore, we are pleased with the overall results in Moftinu-1002bis, and look forward to testing the various prospective zones,” Serinus executive vice president and COO Jock Graham.
Winstar Satu Mare SRL, a wholly owned Serinus subsidiary, holds a 60 percent operating stake in the Satue Mare concession..
Romania-based KMG International holds the remaining 40 percent stake.