Key Petroleum Gains Romania Drilling Rights After Zeta Petroleum's Takeover

05.04.2011 By Andrei Circhelan

Australian oil company Key Petroleum bought British Zeta Petroleum and its Romanian subsidiary, in a transaction worth $12.74 million, according to law firm bpv Grigorescu Stefanica, which advised the buyer in the transaction.

"This acquisition provides Key Petroleum's access to estimated reserves of 58 billion cubic feet of gas in Romania and 1 to 4 million barrels of oil, as well as to prospective resources of gas of over 300 billion cubic feet," the law firm said in a news release Wednesday.

Key Petroleum is active in Australia, the United Kingdom, Italy, Suriname and Tanzania.

Oil and gas company Zeta Petroleum was founded in 2005 in the UK and it holds the lease to three Romanian perimeters, namely Bobocu (Buzau county), Jimbolia (Timis county) and Padureni (Mures county).