Commercial Gas Discovery at Veliki Rastovac-1 Well

Zagreb, November 7, 2023 – INA has reported a commercial gas discovery at the Veliki Rastovac-1 well to the Hydrocarbons Agency. The well is located near Grubišno Polje within the DRAVA-03 exploration area. Testing has confirmed the commercial productivity of the well and excellent reservoir performance, with a maximum flow rate of approximately 145,000 cubic meters per day, which currently represents slightly more than 7 percent of INA’s total daily gas production.

The Veliki Rastovac-1 exploration well, with a depth of 1,095 meters, is situated in the Grubišno Polje Municipality. It is the first of five planned exploration wells in the first phase of exploration within the DRAVA-03 area. After obtaining the exploitation field permit for this discovery, INA plans to drill an additional development well, construct a connecting gas pipeline, and bring both wells into production by the end of 2027, in accordance with the current plan for obtaining hydrocarbon exploitation permits in Croatia. President of the Management Board of INA Zsuzsanna Ortutay commented on the discovery: “We have reported the commercial discovery to the relevant institutions and have once again proven that INA plays a key role in exploration and production activities of oil and gas in Croatia. The speed of initiating production from the new well will depend on how long it will take for all necessary permits to be issued, and we believe that, together with our partners at the relevant ministries, we can significantly shorten this period to contribute to the security of supply and the well-being of the entire Croatian society.”

A faster start of production from the new well is in the best interest of INA as the investor, as well as the state and the regional and local communities, which will generate additional revenues through production sharing, royalties, and fees paid by the investor throughout the field’s lifespan.

The discovery of the new gas field opens possibilities for further exploration in the DRAVA-03 area. This is the result of an intensive exploration cycle in the Pannonian Basin that INA has been conducting for several years, and is continuing into 2024. In the last five years alone, INA has invested approximately € 450 million in oil and gas exploration and production activities.