New London listing Serinus Energy PLC (LON:SNX) said its Romanian gas well has been drilled on time and 20% below budget with the testing and completion phases expected to take a further two weeks.
Moftinu-1007 was sunk to a total planned depth of 1,463 metres hitting as planned three sand formations – A1, A2 and A3.
The company, which also owns assets in Tunisia, also gave an update on its progress in piping gas into the Romanian network.
Plant construction is "proceeding", said Serinus, with pre-commissioning and commissioning expected to take place late this month transporting gas from the Moftinu-1000 well; Moftinu-1007 will be added next month.
In the same announcement, Serinus said it is currently finalising an agreement with a gas trader to handle sales on its behalf.
Finally, the group has started the civil works required to prepare the Moftinu-1003 site for drilling.
Formerly listed on the Toronto exchange, Serinus floated in London last month, raising £10mln via a share placing.