Serinus Energy Inc. (“Serinus”, “SEN” or the “Company”) (TSX:SEN)
(WARSAW:SEN) is pleased to provide an update on its operations in
Romania and in particular the current status of the construction of
the Moftinu Gas Development Project (the “Project”). This Project
is slated to bring on gas production from the gas discovery wells
Moftinu-1001 and Moftinu-1000 through the construction of a 15
mmcf/d gas plant, connecting well flowlines, and a sales gas
pipeline connecting to the Transgaz national gas transmission
system.
As previously announced on May 9, 2017, Serinus
signed an Engineering, Procurement, Construction and Commissioning
Contract (“EPCC”) with Confind S.R.L. (“Confind”), a Romanian
company, for the construction of a gas processing facility and
associated flowlines and pipelines for the Moftinu Gas Development
Project. The contract is a turnkey EPCC Contract with a fixed price
subject only to potential change orders that may be required. The
project is on time and on budget. The project construction began
shortly after the signing of the EPCC contract and to date the
Company has achieved the following progress on the Project:
- Completed the construction of the flowlines from Moftinu 1001
and Moftinu 1000 wells;
- Completed the construction and connection of the 3-km sales gas
pipeline from the location of the gas plant location to the
delivery point on the Transgaz national gas transmission
system;
- Completed the pouring of the foundation pad for the gas plant
and all external power connections;
- Procured all long-lead items including the major components of
the gas plant, pipelines, and flowlines. The Triethylene glycol
dehydration (”TEG”) unit and the Low Temperature Separation (“LTS”)
unit were ordered in July 2017 from AVAL Engineering, a Canadian
company specialized in providing process equipment & project
support. The delivery period was significantly optimized to conform
with Company deadlines;
- Initiated an invitation to tender for the reactivation of the
Moftinu 1001 and Moftinu 1000 wells to be conducted in October
2017; and
- Finalizing the detailed engineering and the local manufacturing
of processing equipment has been initiated.
The remaining critical milestones are the
delivery of the TEG and LTS units. These are currently under
construction and are expected to be delivered to the Moftinu site
by mid-December 2017. Once delivered, the units will be connected,
to be followed by testing and commissioning of the gas plant for
the receipt of final certification. The project remains on schedule
for first gas in the first quarter of 2018. The Company will keep
the markets apprised of any change to this expected timeline that
may occur as the Project construction progresses.
As per previous announcements, the Addendum of
December 21, 2016, which extended the Satu Mare Concession until 28
October 2019, included the following work commitments:
- Drill three exploration wells; or
- Drill two exploration wells and conduct a 3D seismic survey of
at least 120 km2.
The Company submitted Request to Drill
applications to the National Agency of Mineral Resources (“NAMR”)
for two exploration wells: Moftinu 1003 and Moftinu 1004.
Subsequently, NAMR issued the drilling permits for these wells. The
land permitting stage has now been initiated. It is planned that
these wells will be drilled in Q2 2018, thereby fulfilling
two-thirds of the work commitments for the Addendum. With
commercial success, production from these wells would be added to
experimental production phase of the Moftinu Gas Development
Project. After the drilling of these two wells, the Company will
decide whether to drill a third exploration well or conduct a 3D
seismic program to further identify potential exploration targets,
with either decision fulfilling the Addendum work commitments.
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
Inc.Calvin BrackmanVice President, External
Relations & StrategyTel.: +1-403-264-8877
cbrackman@serinusenergy.com |
Serinus Energy Inc.
Jeffrey AuldChief Executive OfficerTel.:
+1-403-264-8877jauld@serinusenergy.com |
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Translation: This news
release has been translated into Polish from the English
original.
Forward-looking Statements
This release may contain forward-looking statements made as
of the date of this announcement with respect to future activities
that either are not or may not be historical facts. Although the
Company believes that its expectations reflected in the
forward-looking statements are reasonable as of the date hereof,
any potential results suggested by such statements involve risk and
uncertainties and no assurance can be given that actual results
will be consistent with these forward-looking statements.
Various factors that could impair or prevent the Company from
completing the expected activities on its projects include that the
Company's projects experience technical and mechanical problems,
there are changes in product prices, failure to obtain regulatory
approvals, the state of the national or international monetary, oil
and gas, financial , political and economic markets in the
jurisdictions where the Company operates and other risks not
anticipated by the Company or disclosed in the Company's published
material. Since forward-looking statements address future events
and conditions, by their very nature, they involve inherent risks
and uncertainties and actual results may vary materially from those
expressed in the forward-looking statement. The Company undertakes
no obligation to revise or update any forward-looking statements in
this announcement to reflect events or circumstances after the date
of this announcement, unless required by law.
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