Operational Update - Romania
June 12 2018 - 1:00AM
Serinus Energy plc (“
Serinus”,
“
SEN” or the “
Company”)
(AIM:SENX) (WSE:SEN), announces an update on its operations in
Romania. The drilling of the Moftinu – 1007 well has concluded,
achieving a total planned depth of 1,463 metres. The well was
drilled according to schedule and approximately 20% below budget.
The drilling rig has been released and a
snubbing unit has been mobilized to perform the well completion
operations, which have commenced. Log analysis undertaken during
the drilling operations have identified three gas-bearing Pliocene
zones. The A3 sand formation was intersected from 736m to 738m, the
A2 from 809m to 813m, and the A1 from 883m to 898m. These are the
same sand zones as were perforated and tested in the Moftinu – 1001
well and these zones will be perforated and tested during the
current completion and testing operations on the Moftinu – 1007
well.
It is expected that the completion and testing
operations will last approximately two weeks. The Company has
allowed additional testing time to allow sufficient pressure
build-up of the producing zones. The flowline to move gas from the
Moftinu-1007 site to the Moftinu Gas Plant is under
construction.
The construction of the Moftinu Gas Plant is
proceeding. The fiscal metering skid installation has reached the
final stage and the Company has engaged the operatorship transfer
process of the sales gas line to Transgaz and for Transgaz to
proceed with the hot tap connection of the sales gas line to the
Transgaz national gas transmission line. The Company expects to
begin the pre-commissioning and commissioning of the gas plant with
first gas from Moftinu-1000, in late June. Gas from Moftinu –
1007 will be added to the commissioning process in mid-July.
Initially the gas plant commissioning will begin without the Low
Temperature Separation unit and the Triethylene Glycol unit which
are in final assembly and are expected to be on site by the end of
August 2018. The Company was recently notified by our EPCC
contractor Confind S.A. that the delivery of these units will be
delayed due procurement delays as reported to Confind by the
subcontractor building the units. Once these units are on site they
will be connected to the operating gas plant, commissioned, and
brought online.
The pre-commissioning and commissioning of the
gas plant less the units will result in the Company producing and
delivering gas from both the Moftinu – 1000 and Moftinu – 1007
wells to the Transgaz system as soon as the latter half of July
2018. As a result, the Company is finalizing a sales gas agreement
with a gas trader to handle these sales volumes on behalf of the
Company.
The Company has also initiated the civil works
required to prepare the Moftinu – 1003 site for drilling.
These works are anticipated to last for approximately four weeks
once construction has begun. The Company is actively
reviewing the rig market in Romania to identify suitable rigs for
the drilling of Moftinu – 1003 and Moftinu – 1004. The timing
of the drilling of both Moftinu – 1003 (TD 1,600m) and Moftinu –
1004 (TD 2,000m) is dependent upon the availability of suitable
rigs. The Company will provide updates in due course pursuant
to site preparation and rig selection.
Competent Persons Statement
In accordance with the AIM Rules for Companies,
the technical information contained in this announcement has been
reviewed and approved by Mr. Duncan Mackay, Manager of Geosciences
for Serinus Energy plc. Mr. Mackay is a qualified person as defined
in the London Stock Exchange's Guidance Note for Mining and Oil and
Gas Companies and is a member of The Association of Professional
Engineers and Geoscientists of Alberta (APEGA). Mr. Mackay has a
Bachelor of Science from the University of Waterloo and Phd Geology
from Queens University. He has over 15 years of oil and gas
exploration and development experience.
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
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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