CORRECTED: Serinus Announces Competent Person’s Report on Reserves
December 14 2017 - 3:05PM
Serinus Energy Inc. (“
Serinus”,
“
SEN” or the “
Company”) (TSX:SEN)
(WARSAW:SEN), announces a correction to the previously released
press release issued on December 4, 2017, and titled “ Serinus
Announces Competent Person’s Report on Reserves.” The December 31,
2016 values in the table “Net Present Value – After Tax, Using
Forecast Prices” incorrectly had the values for the December 31,
2015 reserves report. Below is the corrected table. All other
information in the December 4, 2017 press release is correct as
stated.
Net Present Value – After Tax, Using
Forecast Prices
|
|
September 30, 2017 (CPR) |
|
|
December 31, 2016 (NI 51-101) |
|
|
0% |
|
10% |
|
15% |
|
|
0% |
|
10% |
|
15% |
Change forPV10 |
|
(US$ millions) |
|
|
(US$ millions) |
% |
|
TUNISIA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Producing |
(9.3 |
) |
(4.4 |
) |
(3.0 |
) |
|
(18.4 |
) |
(2.8 |
) |
0.8 |
57 |
|
Non-Producing |
(1.0 |
) |
(0.5 |
) |
(0.4 |
) |
|
0.7 |
|
4.7 |
|
4.9 |
-111% |
|
Undeveloped |
6.3 |
|
3.1 |
|
1.6 |
|
|
9.9 |
|
2.3 |
|
0.4 |
35% |
Total Proved (1P) |
(4.0 |
) |
(1.8 |
) |
(1.8 |
) |
|
(7.8 |
) |
4.3 |
|
6.1 |
-142% |
Probable |
89.5 |
|
41.7 |
|
28.2 |
|
|
115.7 |
|
70.3 |
|
49.9 |
-41% |
Total Proved & Probable (2P) |
85.5 |
|
39.9 |
|
26.4 |
|
|
107.9 |
|
74.6 |
|
56.0 |
-47% |
|
ROMANIA |
|
|
|
|
|
|
|
Proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Producing |
- |
|
- |
|
- |
|
|
- |
|
- |
|
- |
N/A |
|
Non-Producing |
- |
|
- |
|
- |
|
|
- |
|
- |
|
- |
N/A |
|
Undeveloped |
14.3 |
|
12.5 |
|
11.8 |
|
|
- |
|
- |
|
- |
N/A |
Total Proved (1P) |
14.3 |
|
12.5 |
|
11.8 |
|
|
- |
|
- |
|
- |
N/A |
Probable |
38.8 |
|
31.0 |
|
27.9 |
|
|
- |
|
- |
|
- |
N/A |
Total Proved & Probable (2P) |
53.1 |
|
43.5 |
|
39.7 |
|
|
- |
|
- |
|
- |
N/A |
|
TOTAL COMPANY |
|
|
|
|
|
|
|
Proved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Producing |
(9.3 |
) |
(4.4 |
) |
(3.0 |
) |
|
(18.4 |
) |
(2.8 |
) |
0.8 |
57% |
|
Non-Producing |
(1.0 |
) |
(0.5 |
) |
(0.4 |
) |
|
0.7 |
|
4.7 |
|
4.9 |
-111% |
|
Undeveloped |
20.6 |
|
15.6 |
|
13.4 |
|
|
9.9 |
|
2.3 |
|
0.4 |
578% |
Total Proved (1P) |
10.3 |
|
10.7 |
|
10.0 |
|
|
(7.8 |
) |
4.3 |
|
6.1 |
149% |
Probable |
128.3 |
|
72.7 |
|
56.1 |
|
|
115.7 |
|
70.3 |
|
49.9 |
3% |
Total Proved & Probable (2P) |
138.6 |
|
83.4 |
|
66.1 |
|
|
107.9 |
|
74.6 |
|
56.0 |
12% |
Abbreviations
bbl |
Barrel(s) |
bbl/d |
Barrels per day |
boe |
Barrels of Oil Equivalent |
boe/d |
Barrels of Oil Equivalent per day |
Mcf |
Thousand Cubic Feet |
Mcf/d |
Thousand Cubic Feet per day |
MMcf |
Million Cubic Feet |
MMcf/d |
Million Cubic Feet per day |
Mcfe |
Thousand Cubic Feet Equivalent |
Mcfe/d |
Thousand Cubic Feet Equivalent per day |
MMcfe |
Million Cubic Feet Equivalent |
MMcfe/d |
Million Cubic Feet Equivalent per day |
Mboe |
Thousand boe |
Bcf |
Billion Cubic Feet |
MMboe |
Million boe |
Mcm |
Thousand Cubic Metres |
CAD |
Canadian Dollar |
MMbtu |
Million British Thermal Units |
USD |
U.S. Dollar |
|
|
Cautionary Statement:BOEs may
be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf:1 bbl is based on an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead.
About SerinusSerinus 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.:
+1-403-264-8877cbrackman@serinusenergy.com |
Serinus Energy Inc.
Jeffrey AuldChief Executive OfficerTel.:
+1-403-264-8877 jauld@serinusenergy.com |
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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