Drilling Operations for Moftinu – 1003 Well Concluded
August 28 2018 - 1:00AM
Serinus Energy plc (“
Serinus”,
“
SEN” or the “
Company”)
(AIM:SENX, WSE:SEN), is pleased to announce that the drilling of
the Moftinu – 1003 well has concluded, achieving the total planned
depth of 1,600 metres. The well was drilled ahead of schedule and
approximately 19% below budget.
The drilling rig has been released and a
snubbing unit has been mobilized to perform the well completion and
testing operations, which have commenced. Log analysis undertaken
during the drilling operations have identified six gas-bearing
Pliocene zones across 5 stratigraphic zones. In addition to the A1,
A2, and A3 sands that have been previously tested in the Moftinu –
1001 and Moftinu – 1007 wells, the well logs also indicate
potential gas zones that have never been tested. These untested
zones are the Lower A2, the A2.1, and the A2.2.
- A1 Sand formation was intersected from 874.5m to 890.0m
- Lower A2 Sand was intersected from 813.5m to 816.0m
- Upper A2 Sand (previously referred to as the A2 Sand) was
intersected from 799.0m to 805.0m
- A2.1 Sand was intersected from 772.0m to 773.0m
- A2.2 Sand was intersected from 752.0m to 754.0m
- A3 Sand formation was intersected from 727.5m to 731.0m
The 3 shallower gas bearing zones, which include
the previously tested A3, may be produced from this wellbore at a
later date.
The Company plans to perforate and test the A1,
lower A2 and upper A2 Sands during completion and testing
operations on the Moftinu – 1003 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-1003 well to the Moftinu Gas Plant has been permitted and
procured and will be constructed in the coming weeks.
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 Ph.D.
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
Camarco
+44 (0) 20 3781 8334 (Financial PR) Billy Clegg Owen Roberts
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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