Serinus Energy plc: Operational Update
13 May 2019 - 4:00PM
Serinus Energy plc (“
Serinus”,
“
SEN” or the “
Company”)
(AIM:SENX, WSE:SEN) is pleased to provide an operational update.
Romania
As previously announced by the Company, gas
production at the Moftinu Gas Project commenced on 25 April 2019.
The Moftinu Gas Development project offers a significant
opportunity for the Company to materially increase both its
production and its associated cashflow. The Company is conducting a
conventional start-up program with gas from the Moftinu – 1003 well
flowing to the plant at approximately 5.0 mmscf/d on a restricted
choke. The Moftinu-1007 well was also recently brought onto
production and production from both wells will be gradually
increased until production parameters are optimized and plant
performance becomes stabilized. During the start-up and
stabilization period gas will be sold on a daily basis. Following
the start-up period, and once gas volumes are more regular, gas
will be sold on a monthly basis as per the previously announced Gas
Sales Agreement. Natural gas prices secured on a daily basis were
approximately US$6.00 per mcf for April production, and daily
prices have increased significantly to an average of approximately
US7.56 per mcf for the first two weeks of production in May.
The Company has also commenced permitting for
its planned 3D seismic survey over 148 km2 of the Satu Mare
Concession, abutting the Moftinu 3D seismic area to the north. This
survey is scheduled to be undertaken in Q3/Q4 2019 and will fulfil
the remaining work commitments for the third exploration phase of
the Satu Mare Concession. The Company hopes to identify
amplitude-supported shallow gas fields in which to target future
exploration drilling.
The Company also expects to drill the Moftinu –
1004 well in late 2019 or early 2020. This well is an appraisal
well designed to provide additional gas to the Moftinu gas plant.
Permitting for this well has been completed. This well will allow
the Moftinu Gas Plant to operate under an extended production
plateau.
Tunisia
Operations in Tunisia are ramping up after a
prolonged period of restricted activity due to the difficult social
conditions in the country. The Company’s local team commenced the
reopening of the Chouech Es Saida field in southern Tunisia in late
Q1 2019. Initial steps include the re-hiring of employees, road
clearing, inspection of down hole equipment and consumable
inventories, tendering for services and site inspections. These
procedures are ongoing, with work to replace the pumps in wells due
to commence during the second quarter and production anticipated in
early Q3 2019.
The Company also expects to deploy additional
capital to the Sabria field in the form of a re-entry into a well
that was mechanically damaged during completion many years ago by a
previous concession holder. The Company views activities like this
as excellent capital allocation with low exploration risk and
technical risk that has been mitigated over the years by improving
technology. The Sabria field has been producing, since its
discovery, on simple primary production. Serinus is considering
applying artificial lift to this field. This capital investment
work at Sabria is anticipated to start in late 2019.
About Serinus
Serinus is an international upstream oil and gas
exploration and production company that owns and operates projects
in Tunisia and Romania.
For further information, please refer to the
Serinus website (www.serinusenergy.com) or contact the
following:
Serinus Energy plc |
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+1-403-264-8877 |
Jeffrey Auld, Chief Executive Officer |
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Calvin Brackman, Vice President, External Relations
& Strategy |
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Numis Securities Limited |
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+44 (0) 20 7260 1000 |
(Nominated Adviser and Joint Broker) |
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John Prior |
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Paul Gillam |
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Emily Morris |
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GMP FirstEnergy |
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+44 (0) 20 7448 0200 |
(Joint Broker) |
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Hugh Sanderson |
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Jonathan Wright |
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Camarco |
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+44 (0) 20 3781 8334 |
(Financial PR - London) |
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Billy Clegg |
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Owen Roberts |
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TBT i Wspólnicy |
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+48 22 487 53 02 |
(Financial PR - Warsaw) |
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Piotr Talarek |
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Translation: This news
release has been translated into Polish from the English
original.
Forward-looking Statements
This release may contain forward-looking statements made as
of the date of this announcement with respect to future activities
that either are not or may not be historical facts. Although the
Company believes that its expectations reflected in the
forward-looking statements are reasonable as of the date hereof,
any potential results suggested by such statements involve risk and
uncertainties and no assurance can be given that actual results
will be consistent with these forward-looking statements.
Various factors that could impair or prevent the Company from
completing the expected activities on its projects include that the
Company's projects experience technical and mechanical problems,
there are changes in product prices, failure to obtain regulatory
approvals, the state of the national or international monetary, oil
and gas, financial , political and economic markets in the
jurisdictions where the Company operates and other risks not
anticipated by the Company or disclosed in the Company's published
material. Since forward-looking statements address future events
and conditions, by their very nature, they involve inherent risks
and uncertainties and actual results may vary materially from those
expressed in the forward-looking statement. The Company undertakes
no obligation to revise or update any forward-looking statements in
this announcement to reflect events or circumstances after the date
of this announcement, unless required by law.
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