SERINUS ENERGY PLC
Jersey,
Financial
Revenue for the nine months ended
During the period Moftinu Gas Plant surpassed produced revenues of
Net income for the nine months ended
Funds from operations for the nine months ended
EBITDA for the nine months ended
Gross profit for the nine months ended
The Company realised a net price of
Realised oil price -
Realised natural gas price -
The Group's operating netback remained strong for the nine months ended
Capital expenditures of
Working capital surplus increased to
Cash balance as at
Operational
The Canar-1 well was drilled to a total depth of 1,570 metres, targeting three prospective hydrocarbon zones. Well logging and gas show readings determined that these zones had indications of gas, but they do not contain sufficient gas resources to justify proceeding with the testing and completion program for the well. The Canar-1 well has been completed as a water disposal well and test injection is ongoing
The Moftinu Nord-1 well was drilled to a total depth of 1,000 metres, targeting four prospective hydrocarbon zones. Well logging and gas show readings determined that these zones had indications of residual gas, but they do not contain sufficient estimated gas resources to justify proceeding with the testing and completion program for the well. The well is now suspended
Drilling operations on both the wells (Canar-1 and Moftinu Nord-1) were performed within budget and without incident
The Company has initiated a geological and geophysical review of the Satu Mare concession to high rank the management-estimated 181 million barrels of oil equivalent prospects
In
Workover at the CS-9 well at Chouech Es Saida was completed in
Immediately following the completion of the W-1 workover and artificial lift installation, the CTF 004 rig will move to the Sabria N-2 well to perform a workover to recomplete the well
The Company anticipates, subject to partner approval, proceeding with the workover and installation of artificial lift on the WIN-12bis well in Sabria in 2023
Production for the period averaged 938 boe/d, comprising:
About Serinus
Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in
Contact:
Chief Executive Officer
Chief Financial Officer
Vice President
External Relations & Strategy
T: +44 204 541 7859
Nominated Adviser & Joint Broker
T: +44 207 408 4090
Joint Broker
T: +44 207 614 5900
Camarco
Financial PR -
T: +44 203 781 8334
TBT i Wspolnicy
Financial PR -
Katarzyna Terej
T: +48 602 214 353
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.
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