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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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09/20Serinus Energy Starts Drilling of Exploration Well in Romania
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09/20Serinus Energy plc announces Commencement of Drilling at Moftinu Nord-1 Well
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Serinus Energy : Interim Results for the six months ended 30 June 2022

08/15/2022 | 02:13am EDT

15 August 2022

Press Release

Interim Results for the six months ended 30 June 2022

Jersey, Channel Islands, 15 August 2022 - Serinus Energy plc ("Serinus" or the "Company") (AIM:SENX, WSE:SEN), is pleased to announce its interim results for the six months ended 30 June 2022.

Financial

  • Revenue for the six months ended 30 June 2022 was $29.3 million (30 June 2021 - $15.9 million)
  • Funds from operations for the six months ended 30 June 2022 were $8.2 million (30 June 2021 - $5.3 million)
  • EBITDA for the six months ended 30 June 2022 was $8.1 million (30 June 2021 - $5.5 million)
  • Gross profit for the six months ended 30 June 2022 was $8.0 million (30 June 2021 - $2.1 million)
  • The Company realised a net price of $154.83/boe for the six months ended 30 June 2022 comprising: o Realised oil price - $101.63/bbl
    o Realised natural gas price - $33.80/Mcf
  • The Group's operating netback remained strong for the six months ended 30 June 2022 and was $113.38/boe (30 June 2021 - $26.72/boe), comprising:
  1. Romania operating netback - $171.01/boe (30 June 2021 - $28.73/boe)
    1. Tunisia operating netback - $63.49/boe (30 June 2021 - $21.85/boe)
  • Capital expenditures of $4.2 million (30 June 2021 - $5.9 million), comprising:
    1. Romania - $3.5 million
    1. Tunisia - $0.7 million
  • Working capital improved to $2.8 million (31 December 2021 - $0.6 million)
  • Cash balance as at 30 June 2022 was $7.2 million (31 December 2022 - $8.4 million)

Operational

  • Canar-1exploration well commenced drilling on 4 August 2022
  • Canar-1will be drilled to 1,600 metres, targeting three prospective hydrocarbon zones and with success will be connected to the Moftinu gas plant, utilising current plant capacity
  • Immediately upon completion of the drilling of Canar-1, the rig will be moved to the Moftinu Nord-1 location and will commence drilling of the Moftinu Nord-1 exploration well
  • Moftinu Nord-1 will be drilled to a depth of 1,000 metres and will target a field similar to the Moftinu gas field. Moftinu Nord-1 is approximately five kilometres to the north of the Moftinu gas development project
  • Management estimates 181 million barrels of mean unrisked resource are present within the Satu Mare concession area
  • The Company has initiated a geological and geophysical review of the Satu Mare concession to high rank the 181 million barrels of oil equivalent prospects
  • In Tunisia, production has remained stable in the first half of 2022. All material and consumables for the artificial lift programme at the Sabria W-1 well have been received in-field and the Company is awaiting mobilisation of the rig
  • Workover at the CS-9 well at Chouech Es Saida is ongoing
  • Production for the period averaged 1,006 boe/d, comprising:
  1. Romania - 485 boe/d
    1. Tunisia - 521 boe/d
  • In April 2022, the Company performed a lifting of 42,000 bbls of Tunisian crude oil at a price of $104.79/bbl
  • The Company has scheduled the next lifting and expects to perform this lifting in August 2022

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

2

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.

3

Serinus Energy plc

Half Year Report and Accounts 2022 (US dollars)

4

HALF YEAR 2022 HIGHLIGHTS

FINANCIAL

  • Revenue for the six months ended 30 June 2022 was $29.3 million (30 June 2021 - $15.9 million)
  • Funds from operations for the six months ended 30 June 2022 were $8.2 million (30 June 2021 - $5.3 million)
  • EBITDA for the six months ended 30 June 2022 was $8.1 million (30 June 2021 - $5.5 million)
  • Gross profit for the six months ended 30 June 2022 was $8.0 million (30 June 2021 - $2.1 million)
  • The Company realised a net price of $154.83/boe for the six months ended 30 June 2022 comprising: o Realised oil price - $101.63/bbl
    o Realised natural gas price - $33.80/Mcf
  • The Group's operating netback remained strong for the six months ended 30 June 2022 and was $113.38/boe
    (30 June 2021 - $26.72/boe), comprising:
    o Romania operating netback - $171.01/boe (30 June 2021 - $28.73/boe) o Tunisia operating netback - $63.49/boe (30 June 2021 - $21.85/boe)
  • Capital expenditures of $4.2 million (30 June 2021 - $5.9 million), comprising: o Romania - $3.5 million
    o Tunisia - $0.7 million
  • Working capital improved to $2.8 million (31 December 2021 - $0.6 million)
  • Cash balance as at 30 June 2022 was $7.2 million (31 December 2022 - $8.4 million)

OPERATIONAL

  • Canar-1exploration well commenced drilling on 4 August 2022
  • Canar-1will be drilled to 1,600 metres, targeting three prospective hydrocarbon zones and with success will be connected to the Moftinu gas plant, utilising current plant capacity
  • Immediately upon completion of the drilling of Canar-1, the rig will be moved to the Moftinu Nord-1 location and will commence drilling of the Moftinu Nord-1 exploration well
  • Moftinu Nord-1 will be drilled to a depth of 1,000 metres and will target a field similar to the Moftinu gas field. Moftinu Nord-1 is approximately five kilometres to the north of the Moftinu gas development project
  • Management estimates 181 million barrels of mean unrisked resource are present within the Satu Mare concession area
  • The Company has initiated a geological and geophysical review of the Satu Mare concession to high rank the 181 million barrels of oil equivalent prospects
  • In Tunisia, production has remained stable in the first half of 2022. All material and consumables for the artificial lift programme at the Sabria W-1 well have been received in-field and the Company is awaiting mobilisation of the rig
  • Workover at the CS-9 well at Chouech Es Saida is ongoing
  • Production for the period averaged 1,006 boe/d, comprising: o Romania - 485 boe/d
    o Tunisia - 521 boe/d
  • In April 2022, the Company performed a lifting of 42,000 bbls of Tunisian crude oil at a price of $104.79/bbl
  • The Company has scheduled the next lifting and expects to perform this lifting in August 2022

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Serinus Energy plc published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 06:12:06 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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Andrew John Fairclough CFO & Non-Independent Executive Director
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Stuart Morrison Chief Operating Officer
James Edward Arthur Causgrove Independent Non-Executive Director
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