Last checked at 26 Jun 2018 07:00
SERINUS ENERGY PLC
Moftinu - 1007 Well Test Results
Jersey, Channel Islands, June 26, 2018 -- Serinus Energy plc ("Serinus", "SEN" or the "Company") (AIM:SENX, WSE:SEN), is pleased to announce the flow-test results of the Moftinu - 1007 well. As previously announced, the Moftinu - 1007 well was drilled to 1,463 metres and intersected the A1 (883m to 898m), A2 (809m to 813m), and A3 (736m to 738m) sand formations.
After completing the perforation and well completion operations, the Company initiated the testing program for all three gas-bearing zones. The first two test phases were conducted using 20/64-inch diameter choke and 32/64-inch diameter choke, respectively for four hours, with a four hour well build-up period in between. Following another four-hour well shut-in period, the third testing phase was conducted using a 40/64-inch diameter choke for four hours with a gas flow rate in the range of 5.19- 6.03 MMcf/d. After a further four-hour build-up period, the final testing phase was conducted using a 36/64-inch diameter choke for fifteen hours, achieving a stable well-head pressure and a final stable gas flow rate of 5.66 MMcf/d. The well is now shut-in for a 5-day pressure build-up, after which the well will be tied-in to the flowline connecting to the Moftinu gas plant, once the construction of the flowline has been completed.
Competent Persons Statement
In accordance with the AIM Rules for Companies, the technical information contained in this announcement has been reviewed and approved by Dr. Duncan Mackay, Manager of Geosciences for Serinus Energy plc. Dr. Mackay is a qualified person as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas Companies and is a member of The Association of Professional Engineers and Geoscientists of Alberta (APEGA). Dr. Mackay has a Bachelor of Science from the University of Waterloo and a Phd Geology from Queens University. He has over 15 years of oil and gas exploration and development experience.
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 +1-403-264-8877Jeffrey Auld, Chief Executive OfficerCalvin Brackman, Vice President, External Relations & StrategyNumis Securities Limited +44 (0) 20 7260 1000(Nominated Adviser and Joint Broker)John PriorPaul GillamBen StoopGMP FirstEnergy +44 (0) 20 7448 0200(Joint Broker)Hugh SandersonJonathan Wright
Forward Looking Statement Disclaimer
This news release includes forward looking information and statements within the meaning of securities laws. Such statements relate to the Corporation's or management's objectives, projections, estimates, expectations, or predictions of the future and can be identified by words such as "plans", "assumes", "will", "anticipate" and "may" or variations of such words. These statements are based on certain assumptions and analyses by the Corporation that reflect its experience and understanding of future developments. Such statements are subject to a number of uncertainties, including, but not limited to, delisting from the Toronto Stock Exchange and continued listing on the Warsaw Stock Exchange and AIM, the Corporation's ability to realize the anticipated benefits of the delisting and other factors identified in the Corporation's filings with regulatory authorities in Canada. Many of these uncertainties are beyond the Corporation's control and, therefore, may cause actual actions or results to differ from those expressed or implied herein. The Corporation disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, unless required by law.
Translation: This news release has been translated into Polish from the English original.