Serinus Energy Inc. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2017; Provides Production Guidance for the Second Quarter of 2017
For the quarter, the company reported average oil production of 525 Bbl/d compared to 901 Bbl/d a year ago. Average gas production of 1,037 Mcf/d compared to 1,518 Mcf/d a year ago. Barrels of Oil Equivalent production was 698 boe/d compared to 1,154 boe/d a year ago. Lower production during 2017 was due to the shut-in of the Chouech Es Saida field for 54 days of the quarter, due to labour issues.
The company's production has been significantly curtailed in the first quarter of 2017 because of the shut-in of the Chouech Es Saida field in Tunisia from February 28, 2017, to date. Assuming the continued shut-in, production is projected to be approximately 620 boe/d for the second quarter of 2017. Increasing full year production for 2017 is dependent on the resolution of the associated security and safety issues that would allow for successful resumption of production at the Chouech Es Saida field, as well as the timing of the above-mentioned capital program in Sabria.