Moftinu - 1003 Well Spudded

RNS Number : 8901W

Serinus Energy PLC

06 August 2018

 

SERINUS ENERGY PLC

Moftinu - 1003 WELL SPUDDED

Jersey, Channel Islands, August 6, 2018 -- Serinus Energy plc ("Serinus", "SEN" or the "Company") (AIM:SENX, WSE:SEN), is pleased to announce that the Moftinu - 1003 well was spudded in Romania at noon Eastern European Time ("EET"). The planned total depth of the well is 1,600 metres and the drilling to total depth is estimated to take approximately four weeks. The well is targeting to penetrate all of the commercial gas-bearing sand formations that were present in the Moftinu - 1007 well. Assuming successful conclusion of the drilling operations, the well will be completed, tested and made ready for production through a tie-in to the Moftinu gas plant. As with the Moftinu - 1007 well, the Moftinu - 1003 well will part-satisfy the work commitment required for the three-year Satu Mare licence extension to October 28, 2019.

Competent Persons Statement

In accordance with the AIM Rules for Companies, the technical information contained in this announcement has been reviewed and approved by Dr. Duncan Mackay, Manager of Geosciences for Serinus Energy plc. Dr. Mackay is a qualified person as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas Companies and is a member of The Association of Professional Engineers and Geoscientists of Alberta (APEGA). Dr. Mackay has a Bachelor of Science from the University of Waterloo and a Phd Geology from Queens University. He has over 15 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                                                                             [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

Forward Looking Statement Disclaimer

This news release includes forward looking information and statements within the meaning of securities laws. Such statements relate to the Corporation's or management's objectives, projections, estimates, expectations, or predictions of the future and can be identified by words such as "plans", "assumes", "will", "anticipate" and "may" or variations of such words. These statements are based on certain assumptions and analyses by the Corporation that reflect its experience and understanding of future developments. Such statements are subject to a number of uncertainties, including, but not limited to, delisting from the Toronto Stock Exchange and continued listing on the Warsaw Stock Exchange and AIM, the Corporation's ability to realize the anticipated benefits of the delisting and other factors identified in the Corporation's filings with regulatory authorities in Canada. Many of these uncertainties are beyond the Corporation's control and, therefore, may cause actual actions or results to differ from those expressed or implied herein. The Corporation disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, unless required by law.

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

 

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