Moftinu – 1007 Well Test Results
June 26 2018 - 1:00AM
Serinus Energy plc (“
Serinus”,
“
SEN” or the “
Company”)
(AIM:SENX) (WSE:SEN), is pleased to announce the flow-test results
of the Moftinu – 1007 well. As previously announced, the Moftinu –
1007 well was drilled to 1,463 metres and intersected the A1 (883m
to 898m), A2 (809m to 813m), and A3 (736m to 738m) sand formations.
After completing the perforation and well
completion operations, the Company initiated the testing program
for all three gas-bearing zones. The first two test phases were
conducted using 20/64-inch diameter choke and 32/64-inch diameter
choke, respectively for four hours, with a four hour well build-up
period in between. Following another four-hour well shut-in period,
the third testing phase was conducted using a 40/64-inch diameter
choke for four hours with a gas flow rate in the range of 5.19-
6.03 MMcf/d. After a further four-hour build-up period, the final
testing phase was conducted using a 36/64-inch diameter choke for
fifteen hours, achieving a stable well-head pressure and a final
stable gas flow rate of 5.66 MMcf/d. The well is now shut-in for a
5-day pressure build-up, after which the well will be tied-in to
the flowline connecting to the Moftinu gas plant, once the
construction of the flowline has been completed.
Competent Persons Statement
In accordance with the AIM Rules for Companies,
the technical information contained in this announcement has been
reviewed and approved by Dr. Duncan Mackay, Manager of Geosciences
for Serinus Energy plc. Dr. 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). Dr. Mackay has a
Bachelor of Science from the University of Waterloo and a 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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