Zagreb-headquartered INA Group, a member of the MOL Group, has found gas at the first well in its multi-well drilling campaign on its North Adriatic gas field off the coast of Croatia.
INA has launched a development drilling campaign in the North Adriatic, marking the start of an investment cycle worth approximately €65 million, covering a total of five new gas wells. The first well in the campaign, Ana-4 DIR, situated on the existing North Adriatic production field, has been completed.
After reaching a total depth of 1,282 meters, the initial testing across three reservoirs delivered a gas flow rate of around 160,000 cubic meters per day. The drilling operations were carried out by the Labin rig, operated by the crew of INA’s service company CROSCO.
According to the Croatian player, preparations are underway to tie the well into the surface production system to undertake an extended well test aimed at reservoir clean-up, detailed characterization of production potential, and collection of key data to support the preparation of the reserves report.
“The successful completion of the first well represents an important milestone in the campaign and confirms the remaining gas potential of offshore fields that INA will continue to develop in the coming years, thereby contributing to the security of gas supply in the Republic of Croatia,” highlighted the firm.
The company emphasizes that the Ana-4 DIR well was drilled and completed without incidents, in line with the highest industry and engineering practices, as well as health, safety and environmental standards.
Wheels are currently in motion to tow the Labin rig to the new IKA JZ-6 DIR location, where INA will continue implementing its development drilling program. The company has signed a new multicurrency revolving credit facility agreement of €500 million.
This comes with a five-year tenor and two one-year extension options, which may be used for general corporate purposes, including acquisitions. As a result, the revolving credit facility agreement, concluded in October 2022 for €300 million, and subsequently increased to €350 million, will be cancelled.
Zsuzsanna Ortutay , Management Board President of INA, said: “This revolving credit facility further reinforces INA’s financial stability and provides us with greater flexibility in our daily operations, as well as in planning investments crucial for the future of both the company and the Croatian energy sector.”