LONDON (Alliance News) - Serinus Energy PLC on Monday said it will ramp up operations in Tunisia after a period of restricted activity due to difficult social conditions in the country.
The company's team reopened the Chouech Es Saida field in southern Tunisia at the end of the first quarter of 2019.
Initial steps include the re-hiring employees, road clearing, inspection of down hole equipment and consumable inventories. These procedures are ongoing, the company explained with work to replace the pumps in wells due to commence during the second quarter and production anticipated in early in the third quarter of 2019.
The company also expects to deploy additional capital to the Sabria field, in Tunisia, by re-entering the well after it was mechanically damaged years ago by a previous concession holder.
"The company views activities like this as excellent capital allocation with low exploration risk and technical risk that has been mitigated over the years by improving technology," Serinus explained.
Meanwhile, in Romania, Serinus is conducting a conventional start-up program at the Moftinu gas development with gas from the 1003 well flowing to the plant at approximately 5.0 million standard cubic feet per day on a restricted choke.
Serinus currently expects to drill the Moftinu 1004 well in late 2019.
The company has also commenced permitting for its planned 3D seismic survey over 148 square kilometres of the Satu Mare Concession, abutting the Moftinu 3D seismic area to the north.
Serinus Energy shares were trading down 2.8% at 11.18 pence each.
Serinus Energy (SENX)