Serinus Energy PLC Operational Update (7429Y)
13 May 2019 - 4:00PM
UK Regulatory
TIDMSENX
RNS Number : 7429Y
Serinus Energy PLC
13 May 2019
SERINUS ENERGY PLC
Operational Update
Jersey, Channel Islands, 13 May 2019 -- 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 km(2) 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 +1-403-264-8877
Jeffrey Auld, Chief Executive Officer
Calvin Brackman, Vice President, External Relations &
Strategy
Numis Securities Limited +44 (0) 20 7260 1000
(Nominated Adviser and Joint Broker)
John Prior
Paul Gillam
Ben Stoop
GMP FirstEnergy +44 (0) 20 7448 0200
(Joint Broker)
Hugh Sanderson
Jonathan Wright
Camarco +44 (0) 20 3781 8334
(Financial PR - London)
Billy Clegg
Owen Roberts
TBT i Wspólnicy +48 22 487 53 02
(Financial PR - Warsaw)
Piotr Talarek
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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