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 officially commenced a significant development drilling campaign in the North Adriatic, marking the beginning of an investment cycle estimated at approximately €65 million. This campaign aims to develop a total of five new gas wells, with the first well being the Ana-4 DIR, completed in the existing North Adriatic production field.
Upon reaching a total depth of 1,282 meters, the Ana-4 DIR well has garnered attention due to its promising initial testing results. The production test revealed a gas flow rate of around 160,000 cubic meters per day, demonstrating impressive potential for future output. The drilling operations were executed using the Labin rig, operated by CROSCO, which is INA’s service company.
The next steps for this well involve tying it into the surface production system. This process will facilitate an extended well test, aimed at reservoir clean-up, precise characterization of production potential, and the gathering of critical data necessary for preparing a reserves report. These evaluations will be crucial in determining the well’s long-term productivity and contribution to the region’s energy needs.
INA’s leadership emphasized the significance of this accomplishment, stating, “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.”
Importantly, the Ana-4 DIR well was drilled and completed without incidents, showcasing the adherence to rigorous industry standards, as well as health, safety, and environmental protocols. Such diligence is a testament to INA’s commitment to responsible operations in the energy sector.
As INA gears up for its next phase, preparations are underway to tow the Labin rig to the new IKA JZ-6 DIR location, where further development drilling will take place. This expansion is supported by INA’s recent financial maneuvers, including a new multicurrency revolving credit facility agreement of €500 million. This facility comes with a five-year term and includes two one-year extension options, providing the company with valuable liquidity for various corporate purposes, including prospective acquisitions.
The new financing deal also leads to the cancellation of a previous revolving credit facility agreement, which was initially concluded in October 2022 for €300 million, later increased to €350 million. This strategic move underscores INA’s proactive approach in ensuring financial stability and operational flexibility.
Zsuzsanna Ortutay, the Management Board President of INA, articulated the impact of this financial strategy, stating, “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.”