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Serinus Energy shares rise as production begins at Moftinu

“This is an extremely important milestone for Serinus,” said Jeffrey Auld, Serinus chief executive

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The shares were up 14.6%

Serinus Energy plc (LON:SENX) shares advanced in Friday’s early deals after it announced the start of production at the Moftinu gas plant in Romania.

The company said in a statement that gas from the Moftinu 1003 well has now flowed through the plant into the sales pipeline. It noted that that processed gas met the specifications set by Transgaz, Romania’s national gas transportation company.

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“This is an extremely important milestone for Serinus,” said Jeffrey Auld, Serinus chief executive.

“Gas production, plant operation and the resulting sales of processed gas will be transformative for Serinus and the Moftinu region.”

Serinus told investors it will now follow a conventional start-up programme which will see production stabilise, before bringing online the Moftinu 1007 well to deliver additional volumes.

In the stabilisation phase gas will be sold on a daily basis, followed by monthly sales under the group’s gas sales agreement when volumes have become more regular.

Serinus shares gained 1.5p or 14.6% in early deals, to change hands at 11.75p each.

Quick facts: Serinus Energy plc

Price: 7.5 GBX

AIM:SENX
Market: AIM
Market Cap: £17.92 m
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Serinus Energy Plc - Proactive Oil Capital Conference

Serinus Energy plc (LON:SENX) president and CEO Jeffrey Auld speaks to investors at the Proactive Oil Capital Conference in London. Serinus has operations in Romania and Tunisia. The firm says that through its large and extensive land base, they've identified a significant future...

on 16/9/19

2 min read