Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Serinus Energy update reveals progress commercially and with the drill bit

Its latest Romanian well was drilled on time and below budget, gas deliveries are imminent and the company is in talks with a trading house, which will handle gas sales on its behalf
man at gas pipe
The company, which also owns assets in Tunisia, also gave an update on its progress in piping gas into the Romanian network

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.

WATCH: Serinus Energy PLC on the verge of commissioning gas plant in Romania

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.

 

View full SENX profile View Profile

Serinus Energy Timeline

Related Articles

Gas plant
July 05 2018
West Rustavi is not Block’s only play in Georgia, it has stakes in two other licences, but it is the potential headline grabber
picture of Canada
September 28 2017
Hillcrest Petroleum Ltd eyes big footprint in Saskatchewan and Alberta
oil and gas operations
May 23 2018
An acreage award in the UK 30th Offshore Licensing Round expands the group's flagship Liberator field

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use