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Serinus Energy expects Moftinu gas sales to start in coming weeks

Gas sales from the Romanian project will represent an important milestone as the company seeks to deliver growth outside of Tunisia, where operations have been impacted by unrest

oil and gas operations
Additional wells are being drilled at Moftinu

Serinus Energy PLC (LON:SENX) told investors it is expecting to start-up gas sales from the Moftinu gas project, in Romania, in the coming weeks.

In the company’s financial results statement, it highlighted progress with the field development, which is presently awaiting the completion of the gas processing plant and said gas sales would commence by mid-August.

Efforts are also focused on finalising a gas sales deal for Moftinu production with ‘an internationally recognized gas trader’.

WATCH: Serinus Energy PLC on the verge of commissioning gas plant in Romania

It has just, on August 6, spudded the Moftinu-1003 well and one more well will be drilled this year to satisfy minimum work programme.

At the same time the company, which also has assets in Tunisia, reported production of 346 barrels oil equivalent per day for the three months ended June 30 and 363 boepd for the six months.

The Tunisia operations have been disrupted by social unrest in the southern part of the country, and, not all production assets are presently online and those that are, have been below pre-disruption capacity.

Serinus has, however, seen improved sales prices for its production with a realised oil price of US$71.74 in the second quarter and US$68.73 per barrel for the first half, against US$47.25 and US$49.72 for the respective comparisons in 2017.

Revenue amounted to US$2.48mln in the second quarter, while for the half year, it totalled US$4.69mln. It reported a US$1.79mln net loss for the second quarter, whilst for the six months, the loss narrowed to US$338,000.

The loss included some US$4mln of well incident costs (related to the emergency operations in the Moftinu-1001 well) and the company noted that it has submitted its first interim insurance coverage claim related to the incident, and, some US$2.6mln has been received by the company. An insurance claim has been submitted and the company also expects to claim well replacement costs (the costs associated with the Moftinu-1007 well).

Overall, the company spent US$7.4mln of capital in the first half, with the funds focused on the delivery of the Moftinu gas field and facility.

Quick facts: Serinus Energy plc

Price: 7.5 GBX

Market: AIM
Market Cap: £17.92 m


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on 16/9/19

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