Sancrai-1 Well - Commencement of Drilling

RNS Number : 4976D

Serinus Energy PLC

29 June 2021

 

29 June 2021

Press Release

Sancrai-1 Well - Commencement of Drilling

Jersey, Channel Islands, 29 June 2021 - Serinus Energy plc ("Serinus" or the "Company") (AIM:SENX, WSE:SEN), is pleased to announce that the Sancrai-1 exploration well commenced drilling in Romania on 29 June 2021.  

The Sancrai-1 well will be drilled to a depth of 1,600 metres and has been designed to test two prospective hydrocarbon zones.  The Sancrai-1 well is the final commitment of the third exploration phase of the Satu Mare Concession. 

The Sancrai-1 well is located on the southern flank of the Carei Basin, in the northern Satu Mare area.  Existing discoveries in the northern Satu Mare area, including the Company's Moftinu gas field which is approximately 7.5 kilometres due south of the Sanrai-1 well, are similarly on the flanks of the Carei Basin, which is a proven hydrocarbon source.  The Sancrai-1 exploration well is seeking to access further hydrocarbons on the migration path from the Carei Basin source kitchen and utilise the operational experience of the Moftinu gas plant to commercialise a discovery.

Competent Persons Statement

In accordance with the AIM Rules for Companies, the technical information contained in this announcement has been reviewed and approved by Ms. Alexandra Damascan, President of Serinus Energy Romania.  Ms. Damascan is a qualified person as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas Companies and is authorized by the Romanian National Agency for Mineral Resources (NAMR) as a specialist with professional and technical competencies to conduct petroleum operations.  Ms. Damascan has a Bachelor's degree in Petroleum Engineering from the University of Oil and Gas in Ploieşti, Romania, and a Master's degree in Oil and Gas Business Administration, specialized in oil, gas, and mining from the same university.  She has over 13 years of oil and gas exploration and development experience.

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 Jeffrey Auld, Chief Executive Officer Andrew Fairclough, Chief Financial Officer Calvin Brackman, Vice President, External Relations & Strategy	[phone]
A rden Partners plc (Nominated Adviser & Joint Broker) Paul Shackleton / Dan Gee-Summons (Corporate Finance) Tim Dainton (Equity Sales)	[phone]
Shore Capital Stockbrokers Limited (Joint Broker) Toby Gibbs / John More (Corporate Advisory) Jerry Keen (Corporate Broking)	[phone]
Camarco (Financial PR - London) Owen Roberts Phoebe Pugh	[phone]
TBT i Wspólnicy (Financial PR - Warsaw) Katarzyna Terej	[phone]

Forward Looking Statement Disclaimer

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.

Translation : This news release has been translated into Polish from the English original.

 

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