Moftinu – 1003 Well Test Results
September 17 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 – 1003 well. As previously announced, the Moftinu –
1003 well was drilled to 1,600 metres.
The well had six total zones that appeared
gas-bearing on logs: A1 sand; lower A2 sand; upper A2 sand;
A2.1 sand; A2.2 sand; and the A3 sand. The three deeper zones were
completed, these being the A1 sand, lower A2 sand, and upper A2
sand. The three shallower zones had gas pay on logs but were not
completed. These zones may be exploited later in the life of the
well.
After completing the perforation and well
completion operations, the Company initiated a flow test whereby
all three zones were tested comingled. The well testing procedure
and results are as follows:
- The well was flowed on a 20/64” choke for 4 hours followed by a
4 hour build up, then flowed on a 32/64” choke for 4 hours followed
by a 4 hour build up, then flowed on a 40/64” choke for 4 hours
followed by a 4 hour build up, and then lastly flowed on a 36/64”
choke for 15 hours. The well is now undergoing a five day build
up.
- On the largest choke size (40/64”), the well flowed at an
average rate of 6.3 million standard cubic feet per day (“MMscf/d”)
with no progressive pressure decrease throughout the test.
- During the final flow period (15 hours) on a reduced choke size
(36/64”), the well flowed at 5.5 MMscf/d with no progressive
pressure decrease throughout the test.
- The well produced no water from the sand formations at any
point during testing.
Following the 5-day pressure build-up, the well
will be tied into the completed flowline connecting to the Moftinu
gas plant.
Jeffrey Auld, Chief Executive Officer,
commented:
“The Company is thrilled with the excellent test
results from the Moftinu – 1003 well. The team was able to
drill this well significantly ahead of schedule and under budget,
discover three new gas bearing zones and test the well at very
productive rates. With the successes of Moftinu – 1007 and
Moftinu – 1003, our team has demonstrated its ability to execute
back-to-back successful wells whilst still being focused on costs
and safety. The Moftinu – 1003 well will provide
significant additional production to the Moftinu gas plant.”
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 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 |
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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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Ben Stoop |
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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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