www.serinusenergy.com

Serinus Energy plc

Financial results for the

six months ended 30 June 2023

14 August 2023

H1 2023 Results - Six Months Ended 30 June 2023

Operational Highlights

H1 2023

Operational

Highlights

  • Production for the period averaged 677 boe/d, comprising:
    • Romania - 144 boe/d
    • Tunisia - 533 boe/d
  • In Tunisia, production has remained stable in the first six months of 2023. The Company carried out a lifting in May of 50,344 bbls and is expecting to perform its next lifting early in October 2023
  • The Sabria N-2 workover in Tunisia commenced on 02 May and all well bore restrictions were successfully removed on 05 June 2023
  • The well is currently flowing to surface and is dewatering in line with behaviour the Company has observed in other wells on the Sabria field. Subject to the progress during the dewatering phase the company is considering acidizing the N-2 well to enhance the flow performance of the well
  • The Company commenced the Sabria W-1 workover in the period. The workover was suspended when obstructions in the well made progress more expensive than returning to the well at a later date and side-tracking to the target. The Company is currently working to design the optimal parameters of the W-1side-track

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Serinus Energy plc | H1 Financial Results

H1 2023 Results - Six Months Ended 30 June 2023

Operational Highlights

H1 2023

Operational

Highlights -

continued

  • The Company and partner ETAP (the Tunisian state oil company) have engaged a local geological and geophysical consultant to assist Serinus' technical team to identify locations for two new wells in the Sabria field
  • In Romania, the Company completed the block wide geological review during the first six months of 2023 which has combined the extensive technical information into a block wide exploration model. This will refocus future exploration on attractive, identified play systems including the potential appraisal of existing discoveries and extrapolating productive trends onto the Satu Mare block
  • In the Moftinu field in Romania, a reservoir review has identified a number of additional gas zones in the current wells to be brought into production via short interventions using a light workover rig
  • The Company announced on 15 February 2023 that the ICC had awarded a decision in favour of Serinus, confirming that as a result of OEBS default under the Joint Operating Agreement ("JOA") between OEBS and Serinus, OEBS' 40% participating interest in the Satu Mare Concession in Romania will be transferred to Serinus

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Serinus Energy plc | H1 Financial Results

H1 2023 Results - Six Months Ended 30 June 2023

Financial Highlights

H1 2023

Highlights

  • Revenue for the six months ended 30 June 2023 was $8.9 million (30 June 2022: $29.3 million)
  • Gross profit for the six months ended 30 June 2023 was $0.8 million (30 June 2022: $8.0 million)
  • EBITDA for the six months ended 30 June 2023 was $0.5 million (30 June 2022: $8.7 million)
  • Net loss for the six months ended 30 June 2023 was $3.0 million (30 June 2022: net income $1.8 million)
  • Capital expenditures of $5.0 million for the six months ended 30 June 2023 (30 June 2022: $4.2 million), comprising:
    • Tunisia - $4.5 million
    • Romania - $0.5 million

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Serinus Energy plc | H1 Financial Results

H1 2023 Results - Six Months Ended 30 June 2023

Financial Highlights

H1 2023

Highlights -

continued

  • The Company realised a net price of $74.93/boe for the six months ended 30 June 2023 comprising:
    • Realised oil price - $74.75/bbl
    • Realised natural gas price - $12.56/Mcf
  • The Group's operating netback decreased, in line with the commodity prices, for the six months ended 30 June 2023 and was $31.18/boe (30 June 2022 - $113.38/boe), comprising:
    • Romania operating netback - $12.53/boe (30 June 2022 - $171.01/boe)
    • Tunisia operating netback - $36.47/boe (30 June 2022 - $63.49/boe)
  • Cash balance as at 30 June 2023 was $2.5 million (31 December 2023 - $4.9 million)

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Serinus Energy plc | H1 Financial Results

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Serinus Energy plc published this content on 17 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2023 23:02:00 UTC.