Processing Units in Transit to Romania

RNS Number : 1956N

Serinus Energy PLC

16 January 2019

 

SERINUS ENERGY PLC

Processing Units in Transit to Romania

Jersey, Channel Islands, January 16, 2019 -- Serinus Energy plc ("Serinus", "SEN" or the "Company") (AIM:SENX, WSE:SEN), announces that the Company has confirmed that the Low Temperature Separation ("LTS") unit and the Triethylene Glycol ("TEG") unit (together, the "Units")  due for installation at its Moftinu gas plant in Romania have been loaded onto a freighter and have departed from Halifax, Canada, to Bremerhaven, Germany. Subject to weather in the Atlantic during shipment, the Units are expected to arrive in port approximately 6 to 10 days after departure.  The Units will then be trucked to the Moftinu site in Romania for final assembly, testing and commissioning.

The Company has worked closely with Confind, the Romanian EPC contractor, to remedy the failure of both the engineering design contractor and the fabrication sub-contractor to honour their contractual obligations.  It is the Company's focus to ensure that the final assembly, testing and commission is conducted as expeditiously as possible.  The Company will inform the market of the production start-up date once the delivery, installation and commissioning of the units has been achieved.

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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