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    SENX   JE00BNNMKT29

SERINUS ENERGY PLC

(SENX)
  Report
Delayed London Stock Exchange  -  11:35 2022-09-30 am EDT
11.50 GBX   -2.54%
09/20Serinus Energy plc - Moftinu Nord-1 Well Commencement of Drilling
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Serinus Energy : Canar-1 Well – Commencement of Drilling

08/04/2022 | 02:27am EDT

04 August 2022

Press Release

Canar-1 Well - Commencement of Drilling

Jersey, Channel Islands, 04 August 2022 - Serinus Energy plc ("Serinus" or the "Company") (AIM:SENX, WSE:SEN), is pleased to announce that the drilling of the Canar-1exploration well in Romania commenced today (04 August 2022).

The Canar-1 well will be drilled to a depth of 1,600 metres, targeting three prospective hydrocarbon zones. The Canar prospect is located on the northern flank of the Carei Basin, approximately four kilometres to the west of the Company's Moftinu Gas Plant. The Canar-1 exploration well is seeking to discover further hydrocarbons on the migration path from the Carei Basin source kitchen. With success, production from this well will be connected to the Moftinu Gas Plant, utilizing existing plant capacity.

Competent Persons Statement

In accordance with the AIM Rules for Companies, the technical information contained in this announcement has been reviewed and approved by Mr. Stuart Morrison, Chief Operating Officer of Serinus Energy plc. Mr. Morrison is a qualified person as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas Companies and has the necessary professional and technical competencies to conduct petroleum operations. Mr. Morrison has a Bachelor of Science (First Class Honours) Degree in Chemical Engineering and a Master of Engineering Degree in Petroleum Engineering, both from Heriot-Watt University, Edinburgh. Mr. Morrison has over 34 years of oil and gas industry operational experience in numerous senior management roles.

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

+44 204 541 7859

Jeffrey Auld, Chief Executive Officer

Andrew Fairclough, Chief Financial Officer

Calvin Brackman, Vice President, External Relations & Strategy

Shore Capital (Nominated Adviser & Joint Broker)

+44 207 408 4090

Toby Gibbs

John More

Arden Partners plc (Joint Broker)

+44 207 614 5900

Ruari McGirr

Alexandra Campbell-Harris

Camarco (Financial PR - London)

+44 203 781 8334

Owen Roberts

Phoebe Pugh

TBT i Wspólnicy (Financial PR - Warsaw)

+48 602 214 353

Katarzyna Terej

Forward Looking Statement Disclaimer

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.

Translation: This news release has been translated into Polish from the English original.

Disclaimer

Serinus Energy plc published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 06:26:01 UTC.


© Publicnow 2022
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Financials (USD)
Sales 2022 60,2 M - -
Net income 2022 3,95 M - -
Net cash 2022 7,05 M - -
P/E ratio 2022 9,71x
Yield 2022 -
Capitalization 14,4 M 14,4 M -
EV / Sales 2022 0,12x
EV / Sales 2023 0,11x
Nbr of Employees 90
Free-Float 85,1%
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Number of Analysts 1
Last Close Price 11,50 GBX
Average target price 53,00 GBX
Spread / Average Target 361%
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Managers and Directors
Jeffrey David Auld President, CEO & Non-Independent Director
Andrew John Fairclough CFO & Non-Independent Executive Director
Lukasz Antoni Redziniak Chairman
Stuart Morrison Chief Operating Officer
James Edward Arthur Causgrove Independent Non-Executive Director
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