Operational Update - Romania
November 26 2018 - 1:00AM
Serinus Energy plc (“
Serinus”,
“
SEN” or the “
Company”)
(AIM:SENX, WSE:SEN), announces an update in respect of its Romanian
Operations.
As previously announced on 18 October, the
Moftinu gas plant is complete and able to operate at pressure with
sustained production, but is waiting for the installation of the
Low Temperature Separation ("LTS") unit and the Triethylene Glycol
("TEG") unit (together, the "Units").
As also previously announced on the 18 October
2018, the Company had been provided with a timeline by its EPC
Contractor (“Contractor”) that the Factory Acceptance Tests for the
Units would be conducted at the manufacturing facility in Canada on
or around 17 November 2018 and the Units would be loaded onto a
freighter for shipment to Bremerhaven, Germany, on or around 22
November 2018, with installation, commissioning and production
anticipated for December 2018.
Following recent communication with its
Contractor, the Company, while it continues to believe that once
the Units are installed it will be in a position to move to full
production, now has no confidence in its Contractor to achieve the
previously communicated timetable.
The Company is making every effort to expedite
the Units to site with a view to achieving first production as soon
as possible. At the Company’s insistence, the Contractor has sent a
representative to the manufacturing facility to provide a thorough
in-person evaluation of the achieved progress of the units, the
status and completion plan going forward, and a definitive date of
delivery of the units. The EPC contractor has reported back to the
Company that while progress on the units has been achieved in
regards the spooling, assembly, hydrotesting, and painting of the
units, the installation of the insulation and electrical still
needs to be completed prior to the Factory Acceptance Tests of the
Units.
About SerinusSerinus is an
international upstream oil and gas exploration and production
company that owns and operates projects in Tunisia and Romania.
The information contained within this
announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR").
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 |
|
+44 (0) 20 7260
1000 |
(Nominated Adviser and
Joint Broker) |
|
|
John Prior |
|
|
Paul Gillam |
|
|
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) |
|
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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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Forward Looking Statement
DisclaimerThis news release includes forward looking
information and statements within the meaning of securities laws.
Such statements relate to the Corporation’s or management’s
objectives, projections, estimates, expectations, or predictions of
the future and can be identified by words such as “plans”,
“assumes”, “will”, “anticipate” and “may” or variations of such
words. These statements are based on certain assumptions and
analyses by the Corporation that reflect its experience and
understanding of future developments. Such statements are subject
to a number of uncertainties, including, but not limited to,
continued listing on the Warsaw Stock Exchange and AIM, the
Corporation’s ability to realize the anticipated benefits of the
delisting and other factors identified in the Corporation’s filings
with regulatory authorities in Canada. Many of these uncertainties
are beyond the Corporation’s control and, therefore, may cause
actual actions or results to differ from those expressed or implied
herein. The Corporation disclaims any intention or obligation to
update or revise any forward looking statements, whether as a
result of new information, future events or otherwise, unless
required by law.
Translation: This news release has been
translated into Polish from the English original.
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