Serinus Energy PLC Gas Sales Agreement Signed in Romania (3548L)
December 24 2018 - 2:00AM
UK Regulatory
TIDMSENX
RNS Number : 3548L
Serinus Energy PLC
24 December 2018
SERINUS ENERGY PLC
GAS SALES AGREEMENT SIGNED IN ROMANIA
Jersey, Channel Islands, December 24, 2018 -- Serinus Energy plc
("Serinus", "SEN" or the "Company") (AIM:SENX, WSE:SEN), is pleased
to announce that Serinus Energy Romania S.A. (the Company's
wholly-owned subsidiary) has signed a Gas Sales Agreement (the
"Agreement") with Vitol Gas and Power BV for the quantities of its
forthcoming gas production, which are not required to be sold on a
centralised market, from the Moftinu Gas Project in Romania. The
term of this agreement will be from the start of production until
the end of the following gas year (this being from October to the
end of September of a given year and represents Transgaz annual
pipeline capacity booking season), with the option to extend after
that time. The Agreement calls for the gas pricing linked to an
average of transactions concluded on the centralized markets of
Romania. The Agreement also provides the Company with flexibility
in nominating quantities for each delivery month, which is
especially important for the commissioning period of the Moftinu
gas plant and for meeting the Company's legislated market
obligations to sell the remaining quantities directly into the
centralized markets of Romania. There are two established gas
trading markets in Romania where the Company is a member and
through which it will sell its remaining production in the open
market, once production has commenced.
About Serinus
Serinus is an international upstream oil and gas exploration and
production company that owns and operates projects in Tunisia and
Romania.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
For further information, please refer to the Serinus website
(www.serinusenergy.com) or contact the following:
Serinus Energy plc +1-403-264-8877
Jeffrey Auld, Chief Executive Officer
Calvin Brackman, Vice President, External Relations &
Strategy
Numis Securities Limited +44 (0) 20 7260 1000
(Nominated Adviser and Joint Broker)
John Prior
Paul Gillam
Ben Stoop
GMP FirstEnergy +44 (0) 20 7448 0200
(Joint Broker)
Hugh Sanderson
Jonathan Wright
Camarco +44 (0) 20 3781 8334
(Financial PR - London)
Billy Clegg
Owen Roberts
TBT i Wspólnicy +48 22 487 53 02
(Financial PR - Warsaw)
Piotr Talarek
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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