Member Info for Syste

Yes lett's not lose sight how dire the last 3 years here have been. Let's hope they have a rabbit up their sleeve because they are being squeezed into a catch22 with a lack of funds from low and declining production.

Problem will be where the funding will come from. No news on N2 in Tunisia so assume it's still not producing. Where's the next production increase coming from?

It's horrendous. Seems like the company taking 3/4 of a year to drill a well and get it flowing, all for possibly 200 boepd, is the last straw for someone. How can they ever hope to make money? I agree it very likely there'll be a placing late this year. Another harsh lesson for many of us.

If it's dewatering at a rate in line with other wells, why are they considering acidizing it?

They said in the last RNS they would announce the well results. Another equipment delay perhaps. 'Snail's pace' just doesn't cut it as a descriptor for this outfit. Angry at myself for investing in these clowns.

O2 said it was cheap as chips at 1.8p, sorry that would now be 18p!... It's only that if they can actually get stuff out of the ground. Look at BLOE, producing less, but on a different trajectory having successful drills. Serinus literally seem to not be able to do one thing right for 2 years. That guff they add onto every failure RNS 'only 1% of Sabria due to low development blah blah' is pathetic and rings hollow.

My prediction for the W1 RNS a while back was sadly pretty accurate. When does a series of 'bad luck' start to look like incompetence? Probably about 5 RNS's ago.
These are very old wells so surprised they didn't have plans for dealing with debris. Yet more cost and time to do the sidetrack. When will the government let us have the rig back again?
Is there any reason why N2, which was previously damaged in completion , will be any different?

phrases I'm half expecting to be in the next RNS "unexpected problems", "delay", "requiring further assessment"

I don't say you're wrong but I find it inconcievable the company would regard what would surely be at least 30% increase (if estimates were met) on total output as not market sensitive.

Pretty poor this as usual. I don't mind so much them waiting a bit to see the impact of the pump. But where's the plan for the year? Any seismics planned in Romania? If they're putting Satu Mare on ice for 2023, fine but let your shareholders know.

Adon, I suspect your comments represent nearly all holders who have been here more than a few months. We've had quite a few onthebuses posters on this board (why do they often seem to have odd writing idiosyncrasies?), only for them to mysteriously vanish when the drills fail or results are released and we see yet another downturn in the SP! Some of us like to discuss our investments rationally, however painful the reality is to us.

You'll forgive me for not getting too excited. It took them years to find Moftinu field, and the last 3 drills have failed. The defaulting partner might have been onto something to be honest. Moftinu must be running very low now.

Look at the last 3 well results.

Suprise suprise after woeful Bergen dilution, yet another placing lower still. Last chance saloon time.

10k written off, and another 1/2 year working added on till I retire. Not even a hint of an apology for this disgusting mess.

Sorry I meant N2, its estimated 200 bpd net.
It goes without saying with this company that 'I'll believe it when I see it'. 2022 has been an awful, wasted year for Serinus, and I wish they'd had the gumption to just admit it in the presentation. Even if they feel the failed drills and Tunisia delays weren't their fault. I don't see them getting the third remediation pump in Tunisia until late 2023 at the earliest. They haven't got the agreement of the partner yet.

Make sure you're using the net oil to Serinus there, because it looks like you're quoting gross figures.
December slipping away and still no rig.
As for Romania, I got the impression it will be a repeat of last year with no drilling until Q3. Why are we not looking at the gas plays at chouech ~2000+ barrels of oil opportunities?

Same presentation minus the Romania plans is my prediction. Pathetic management.

Things are not so dire because they have been extremely lucky with O&G prices, as mentioned many times before. Operationally, the last 12 months have been terrible. A worthless seismic, 3 Romanian dusters and zero progress in sabria.

Yes the fact that no timescale within Q4 was given worries me. They had a 3 drill programe in Romania. Sounds like they're going to put that on the back burner until Tunisia comes through. Moftinu must be running low now. Hope they get an absolute rollicking in their Q3 presentation, but that simpering presenter will probably filter the probing questions, instead asking lowball stuff like if crops are grown on our Romanian concession! Mind you, might be all that most of its good for.