Gas Sales Agreement Signed in Romania

RNS Number : 3548L

Serinus Energy PLC

24 December 2018

 

SERINUS ENERGY PLC

GAS SALES AGREEMENT SIGNED IN ROMANIA

Jersey, Channel Islands, December 24, 2018 -- Serinus Energy plc ("Serinus", "SEN" or the "Company") (AIM:SENX, WSE:SEN), is pleased to announce that Serinus Energy Romania S.A. (the Company's wholly-owned subsidiary) has signed a Gas Sales Agreement (the "Agreement") with Vitol Gas and Power BV for the quantities of its forthcoming gas production, which are not required to be sold on a centralised market, from the Moftinu Gas Project in Romania. The term of this agreement will be from the start of production until the end of the following gas year (this being from October to the end of September of a given year and represents Transgaz annual pipeline capacity booking season), with the option to extend after that time. The Agreement calls for the gas pricing linked to an average of transactions concluded on the centralized markets of Romania. The Agreement also provides the Company with flexibility in nominating quantities for each delivery month, which is especially important for the commissioning period of the Moftinu gas plant and for meeting the Company's legislated market obligations to sell the remaining quantities directly into the centralized markets of Romania. There are two established gas trading markets in Romania where the Company is a member and through which it will sell its remaining production in the open market, once production has commenced.

About Serinus

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

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

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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