02:00 Tue 13 Oct 2020
Serinus Energy PLC - Licence Extension and Amended Work Commitment
13
Press Release
Licence Extension and Amended Work Commitment in
Jersey,
The Company had previously chosen the option of conducting a 120 km2 3D acquisition programme as the third and last work commitment for this exploration phase. As of the beginning of March, the Company had permitted a 148 km2 3D programme area in the Berveni area just north of the Moftinu gas plant. The Company had reached land access agreements with all landowners within the seismic acquisition area and was in the process of mobilising the seismic equipment and staff. This mobilisation was postponed due to the uncertainty regarding the COVID-19 pandemic, and the State of Emergency issued by the Romania Government on 20,
Given the delay in the programme caused by the continuing COVID restrictions in
The first well, Moftinu-1008, has been permitted, surface preparation work has commenced and is expected to be spudded in early
The Company expects the second planned well to be drilled into the Sancrai structure directly to the south of the Moftinu field. The previously completed Santau 3D seismic programme, conducted in 2013, highlighted the prospectivity of this structure. Reprocessing of legacy 2D lines over the remaining area of the structure has demonstrated structural closure with AVO processing showing bright amplitudes consistent with a gas-bearing reservoir. This well is expected to be drilled to 1,600m. The spud date has not yet been established but it is expected to be in mid-2021.
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.
About Serinus
Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in
For further information, please refer to the Serinus website (www.serinusenergy.com) or contact the following:
Serinus Energy plc |
+44 208 054 2859 |
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WH Ireland Limited (Nominated Adviser and Joint Broker) Lydia Zychowska |
+44 20 7220 1666 |
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Arden Partners plc (Joint Broker) |
+44 20 7614 5900 |
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Camarco (Financial PR - |
+44 20 3781 8334 |
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TBT i Wspólnicy (Financial PR - Katarzyna Terej |
+48 22 487 53 02 |
Translation: This news release has been translated into Polish from the English original.
Forward-looking Statements 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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