Exemption from Canadian Reporting Obligations

RNS Number : 6781M

Serinus Energy PLC

10 January 2019

 

SERINUS ENERGY PLC

Exemption from Canadian Oil and Gas Reporting Obligations

Jersey, Channel Islands, January 10, 2019 -- Serinus Energy plc ("Serinus", "SEN" or the "Company") (AIM:SENX, WSE:SEN), announces that securities regulators for the provinces of Alberta and Ontario have issued a decision document (the "Decision") granting Serinus exemptive relief from the disclosure requirements contained in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). The Decision was received following application by the Company for exemptive relief from NI 51-101 after its continuance from under the laws of Alberta to under the laws of Jersey, Channel Islands, its delisting from the Toronto Stock Exchange and its listing on the Alternative Investment Market of the London Stock Exchange ("AIM").

As a result of the Decision, and provided that certain conditions set out in the Decision are met on an on-going basis, the Company will not be required to comply with the requirements of NI 51-101 and,  among other things, will no longer be required to file Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information, Form 51-101F2 - Report on Reserves Data by Independent Qualified Reserves  Evaluator or Auditor and Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure. In lieu of such filings, Serinus will provide disclosure in respect of its oil and gas activities in accordance with the reporting requirements of the Financial Conduct Authority of the United Kingdom and the AIM (collectively, the "UK Rules"). Serinus is required to file disclosure made under the UK Rules with applicable Canadian securities regulatory authorities as soon as practicable after such disclosure is filed pursuant to the UK Rules.

Readers should be aware that the Company's future disclosure relating to its oil and gas activities will comply with the UK Rules rather than NI 51-101 and the Canadian Oil and Gas Evaluation Handbook. The UK Rules differ in a number of respects from the disclosure otherwise required under NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and readers should consider these differences when considering all future disclosures made by Serinus relating to its oil and gas activities.

About Serinus

Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania.

For further information, please refer to the Serinus website (www.serinusenergy.com) or contact the following:

Serinus Energy plc                                                     [phone]

Jeffrey Auld, Chief Executive Officer

Calvin Brackman, Vice President, External Relations & Strategy

Numis Securities Limited                                           [phone]

(Nominated Adviser and Joint Broker)

John Prior

Paul Gillam

Ben Stoop

GMP FirstEnergy                                                        [phone]

(Joint Broker)

Hugh Sanderson

Jonathan Wright

Camarco                                                                    [phone]
(Financial PR - London)
Billy Clegg
Owen Roberts

TBT i Wspólnicy                                                         [phone] 

(Financial PR - Warsaw)

Piotr Talarek

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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