Serinus Energy Plc. received approval in Romania from the National Agency for Mineral Resources (NAMR) to amend the last outstanding work commitment for the third exploration phase of the Satu Mare concession.
Serinus had previously chosen the option of conducting a 120 sq km 3D acquisition program as the third and last work commitment for this exploration phase. As of the beginning of March, the company had permitted a 148 sq km 3D program 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 mobilizing seismic equipment and staff but was postponed due to uncertainty regarding the COVID-19 pandemic.
Serinus will modify the final work commitment to drill two exploration wells. The first well, Moftinu–1008, has been permitted and surface prep has started. The well is expected to spud early January 2021. It will be drilled to a depth of 1,000 m into the producing Moftinu structure and is expected to intersect three proven gas-bearing sand formations and two additional untested sand formations. Upon success, Moftinu–1008 will be tied into the Moftinu gas plant through a 1.5 km flowline for processing and sale. The company expects to drill the second planned well to 1,600 m into the Sancrai structure, directly south of Moftinu field. The 2013 Santau 3D seismic program highlighted prospects for this structure. Reprocessing of legacy 2D lines over the structure’s remaining area has demonstrated structural closure with AVO processing showing bright amplitudes consistent with a gas-bearing reservoir. The spud date has not yet been established but is expected in mid-2021.
NAMR has granted a 12-month extension to the work commitment due to COVID-19 related disruptions, with the new exploration phase now expiring on Oct. 27, 2021. A further extension, corresponding to the duration of the Romanian “State of Emergency/State of Alert”, will be added to the extension once the COVID-19 related “State of Emergency/State of Alert” has been lifted.
Serinus has 100% working interest in the concession.
