Romania Operational Update

RNS Number : 0714R

Serinus Energy PLC

26 February 2019

 

SERINUS ENERGY PLC

Romania Operational Update

Jersey, Channel Islands, 26 February, 2019 -- Serinus Energy plc ("Serinus", "SEN" or the "Company") (AIM:SENX, WSE:SEN), announces an operational update for the Moftinu gas Project in Romania.

On 25 February 2019 Serinus filed a suit against subcontractors for various delays and contractual breaches with regard to the manufacturing of the Low Temperature Separation ("LTS") and Triethylene Glycol ("TEG") units (together the "Units"). Given the failure of the sub-contractors to advance the fabrication and documentation for certification of the Units, the Company made the decision to have the Units transported to Romania where the EPC Contractor, Confind SRL ("Confind") would endeavour to complete what was considered at the time to be minor remaining completion and testing work on the Units.  The Units were delivered to the Confind fabrication yard on 28 January 2019.  After unpacking and reassembling the units Confind began the process of inspection and testing, at which time it was determined that the fabrication of the Units was much more incomplete than expected. 

During the inspection, it was discovered that numerous components were missing from the units, some instruments were not properly calibrated to design specifications, and some fabrication work had to be redone to correct subpar fabrication work. The Company and the EPC Contractor have worked diligently to complete the remedial work, procure the missing components and complete final assembly. Once this work is completed, the Units will undergo a complete sequence of testing in the Confind fabrication yard.  The completion, testing and certification of the Units are expected to take two weeks from today subject to the revelation of no further issues whilst testing the Units. 

Subject to procurement and testing the Company expects the Units to be moved to the Moftinu Gas Plant in early to mid-March.  Once onsite it is expected that assembly and installation will take approximately one week.   The commissioning of the units will then be undertaken with gas production flowing through the plant and into the Transgaz system for sale.

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.

 

END

 

 

UPDLLFVAFEIEFIA