JERSEY - Serinus Energy plc ('Serinus', 'SEN' or the 'Company') (AIM: SENX, WSE: SEN), announces that securities regulators for the provinces of Alberta and Ontario have issued a decision document (the 'Decision') granting Serinus exemptive relief from the disclosure requirements contained in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ('NI 51-101').
The Decision was received following application by the Company for exemptive relief from NI 51-101 after its continuance from under the laws of Alberta to under the laws of Jersey, Channel Islands, its delisting from the Toronto Stock Exchange and its listing on the Alternative Investment Market of the London Stock Exchange ('AIM').
As a result of the Decision, and provided that certain conditions set out in the Decision are met on an on-going basis, the Company will not be required to comply with the requirements of NI 51-101 and, among other things, will no longer be required to file Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information, Form 51-101F2 - Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor and Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure. In lieu of such filings, Serinus will provide disclosure in respect of its oil and gas activities in accordance with the reporting requirements of the Financial Conduct Authority of the United Kingdom and the AIM (collectively, the 'UK Rules'). Serinus is required to file disclosure made under the UK Rules with applicable Canadian securities regulatory authorities as soon as practicable after such disclosure is filed pursuant to the UK Rules.
Readers should be aware that the Company's future disclosure relating to its oil and gas activities will comply with the UK Rules rather than NI 51-101 and the Canadian Oil and Gas Evaluation Handbook. The UK Rules differ in a number of respects from the disclosure otherwise required under NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and readers should consider these differences when considering all future disclosures made by Serinus relating to its oil and gas activities.
Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania.
Forward Looking Statement Disclaimer
This 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.
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