LONDON (Alliance News) - Serinus Energy PLC said Tuesday it has completed drilling of its Moftinu-1003 well, located in Romania, ahead of schedule and 19% below budget.
"The drilling rig has been released and a snubbing unit has been mobilized to perform the well completion and testing operations, which have commenced," the company said.
Analysis carried out during drilling operations identified six gas-bearing Pliocene zones across five stratigraphic zones, Serinus added.
The company expects to complete testing operations within two weeks. Serinus shares were trading down 4.3% at 14.60 pence each.
Serinus Energy (SENX)