(Alliance News) - Shares in Serinus Energy PLC rose on Tuesday after the company was selected as preferred bidder for a block at an "underexploited" Angolan prospect.
Shares in the Romania and Tunisia-focused oil and gas exploration, appraisal and development company were up 13% at 2.82 pence each in London on Tuesday morning.
The company said that it had been selected as preferred bidder on the KON-13 block in the onshore Kwanza basin in Angola. Serinus expects to receive formal notification of its bidder status from the Angolan national oil, gas and biofuels agency in the coming days.
This comes after Serinus submitted proposals to act as operator for two blocks in the "large proven hydrocarbon basin", which extends over 25,000 square kilometres across the length of Angola. The KON-13 block, for which Serinus was awarded preferred bidder status, has an aerial extent of 1,011 square kilometres.
Following completion, the company will be allocated a 55% working interest in the onshore block. Non-operating partners Effimax Energy and Sonangol Ltd, Angola's national oil company, will hold a 30% and 15% working interest, respectively.
Serinus described the basin as "under-explored and under exploited", having had activity halted for the duration of the Angolan civil war from 1975 until 2002. The company intends to engage with the Angolan agency to negotiate licencing terms, and these discussions are expected to be carried out "over the next several months", Serinus said.
By Hugh Cameron, Alliance News reporter
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Serinus Energy (SENX)