Serinus Energy PLC Operational Update (8937G)
March 20 2020 - 3:00AM
UK Regulatory
TIDMSENX
RNS Number : 8937G
Serinus Energy PLC
20 March 2020
20 March 2020
Press Release
Operational Update
Jersey, Channel Islands, 20 March 2020 -- Serinus Energy Plc
("Serinus", "SEN" or the "Company") (AIM:SENX, WSE:SEN) provides an
update on its operations in Romania and Tunisia.
The Company's producing operations across Romania and Tunisia
have not been impacted by the COVID-19 pandemic. In response to the
outbreak, the Company has instituted increased health monitoring of
operations staff in both Romania and Tunisia and increased cleaning
and disinfecting of operational workstations and staff hygiene
protocols. The health and safety of our employees is our highest
priority and the remote nature of our Tunisian field operations
means that we routinely have medical staff at each of our
facilities. That policy has been maintained and medical staff are
monitoring the health and wellbeing of our field operators. In
Romania we have implemented medical checks on our field staff and a
doctor is attending the field once every two days. The gas plant is
being routinely disinfected and increased cleaning protocols have
been implemented. Our business unit leaders have confirmed that our
field operations have been adequately stocked with consumables.
The Company has adopted additional protocols for the protection
of our staff and stakeholders which follow the advice of local
government and health authorities in our various operating areas.
Given this advice the Company has adopted a work from home policy
where possible. The geographically disparate nature of our business
means that the Company is very experienced working remotely and we
believe that the procedures and infrastructure are in place to
minimise disruptions. All corporate and business unit staff are in
constant contact and continue to carry out their duties
effectively.
Romania
The Moftinu gas project, which started production in April 2019,
has been operating as expected. Routine maintenance is expected to
be carried out on the gas plant commencing around 04 May 2020. The
maintenance program includes a program of well performance
monitoring and is expected to last approximately ten days.
The producing wells, Moftinu-1003, Moftinu-1004 and
Moftionu-1007 continue to produce according to the expected
production plan. As previously announced, the Moftinu - 1004 well
has been producing since 16 February 2020 and is performing as
expected.
The Company has permitted a 148 km(2) 3D programme area in the
Berveni area just north of the Moftinu gas plant and reached land
access agreements with all landowners within the seismic
acquisition area. The Company was planning to order the
mobilization of the seismic equipment and staff to begin the
program imminently. On 03 March 2020, the Company provided the
general mobilization order to the seismic acquisition contractor.
However, due to uncertainty regarding the COVID-19 pandemic and the
impacts on travel and services in Romania and Satu Mare County, the
Company has postponed giving the order to carry out the
mobilization of the heavy equipment and personnel. Please note that
there are no standby fees nor mobilization costs to be incurred at
this stage, as they are only triggered once 100% mobilization of
equipment and personnel at the field has been achieved. In
particular, the Government of Romania has banned gatherings of
greater than 50 people which would hinder the ability of the
100-person team to carry out the program safely and efficiently.
The Company will provide an update as and when appropriate.
The Company has been granted a 12-month extension to the third
exploration phase on the Satu Mare concession in order for the
Company to be able to carry out seismic acquisition program that is
the last work commitment to be completed under this phase. Given
the disruption created by the COVID-19 pandemic the Company is
determining the best course of action to protect the health and
safety of our employees and our contractors. Should the Company be
unable to complete this program by the end of the extension, it
will seek a further extension from Romanian authorities. We are
confident that an extension would be granted under the current
circumstances.
Tunisia
As previously announced, the Chouech Es Saida field was
restarted with production resuming from all four wells in August
2019. In addition, our Tunisian staff were also able to restart the
EC-1 well in the Ech Chouech licence area, bringing the number of
producing wells to five in the Chouech area. Oil production from
the wells continues to increase as the water cuts from the wells
diminish.
Operations at the Sabria field continue as normal. In January,
the Company performed a coil-tubing operation on the Win-12bis well
in order to remove a potential blockage that was the suspected
cause of lower production levels after the field was brought back
on production following the shut-in from May to September 2017.
Production from this well has been gradually increasing since the
operation was successfully completed.
Corporate
The Company has begun discussions with its lender, the European
Bank for Reconstruction and Development ("EBRD") to assess the
impact of the current situation and examine options available to
manage through this period of uncertainty. The Company will provide
an update as and when appropriate.
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 plc
Jeffrey Auld, Chief Executive Officer
Calvin Brackman, Vice President, External
Relations & Strategy +1 403 264 8877
WH Ireland Limited
(Nominated Adviser and Joint Broker)
Katy Mitchell
Harry Ansell (Broker)
Lydia Zychowska +44 (0)20 7220 1666
A rden Partners plc
(Joint Broker)
Paul Shackleton / Dan Gee-Summons (Corporate
Finance)
Fraser Marshall (Equity Sales) +44 (0) 20 7614 5900
Camarco
(Financial PR - London)
Billy Clegg
Owen Roberts +44 (0) 20 3781 8334
TBT i Wspólnicy
(Financial PR - Warsaw)
Katarzyna Terej +48 22 487 53 02
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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