Sernius granted 12-month Satu Mare third-phase exploration extension

Serinus Energy Plc updated operations and development plans in Romania and Tunisia.

In Romania, the Moftinu gas project has been operating as expected. Wells Moftinu-1003, Moftinu-1004, and Moftionu-1007 continue to produce to expectations and routine maintenance is planned on the gas plant commencing around May 4. The maintenance program includes well performance monitoring and is expected to last about 10 days.

A 148 sq km 3D seismic program has been permitted in the Berveni area just north of the Moftinu gas plant. Land access agreements have been reached with all landowners. The order to carry out mobilization of heavy equipment and personnel has been postponed due to the COVID-19 pandemic. There are no standby fees nor mobilization costs to incur at this stage. The company will provide an update as and when appropriate.

A 12-month extension has been granted to the third exploration phase on the Satu Mare concession for seismic acquisition. This is the last work commitment to be completed under this phase. Should the pandemic disrupt the program by the end of the extension, the company will seek further extension from Romanian authorities.

In Tunisia, Chouech Es Saida field restarted in August 2019 with production resuming from all four wells. In addition, the EC-1 well was restarted in the Ech Chouech license area, bringing the number of producing wells in Chouech to five. Oil production continues to increase while water cuts diminish.

Operations at Sabria field continue as normal. In January, a coil-tubing operation on the Win-12bis well removed a potential blockage that was suspected in lowering production after the field was brought back on production following the May to September 2017 shut-in. Production has been gradually increasing since the operation.