Serinus Energy Announces Q1 2024 Interim Financial Results

Source: www.gulfoilandgas.com 5/13/2024, Location: Africa

Serinus Energy plc ("Serinus") (AIM:SENX, WSE:SEN) is pleased to announce its Interim Financial Results for the three months ended 31 March 2024.

Q1 2024 HIGHLIGHTS

FINANCIAL
- Revenue for the three months ended 31 March 2024 was $4.6 million (31 March 2023 - $4.9 million)

- EBITDA for the three months ended 31 March 2024 was $0.9 million (31 March 2023 - $0.8 million)

- Gross profit for the three months ended 31 March 2024 was $1.0 million (31 March 2023 - $0.9 million)

- Net loss for the three months ended 31 March 2024 was $0.5 million (31 March 2023 - net loss $1.3 million)

- The Group realised a net price of $80.24/boe for the three months ended 31 March 2024 (31 March 2023 - $78.87/boe), comprising:
- Realised oil price - $84.27/bbl (31 March 2023 - $80.07/bbl)
- Realised natural gas price - $10.99/Mcf (31 March 2023 - $12.72/Mcf)

- The Group's operating netback decreased for the three months ended 31 March 2024 and was $33.04/boe (31 March 2023 - $39.52/boe), in line with lower production volumes in Romania and significantly lower realised gas prices, comprising:
- Romania operating netback - negative $55.66/boe (31 March 2023 - $26.59/boe)
- Tunisia operating netback - $40.16/boe (31 March 2023 - $43.92/boe)

- Capital expenditures of $0.3 million for the three months ended 31 March 2024 (31 March 2023 - $2.4 million)

OPERATIONAL
- Production in Chouech Es Saida continues to increase with the benefits of artificial lift programme

- Long lead items for the Sabria W-1 sidetrack have been ordered and are on schedule. Discussions are on-going with Compagnie Tunisienne de Forage (CTF), the state rig company, regarding availability of rigs to perform this sidetrack

- The Group completed lifting 62,930 bbl of Tunisian crude oil in the second half of March 2024 at an average price of $82.76/bbl with the cash proceeds of $3.2 million received in April 2024 (net of $2.0 million in monthly prepayments previously received)

- The Moftinu Gas Field continues to produce at naturally declining rates

- Production for the quarter averaged 635 boe/d, comprising:
- Romania - 49 boe/d
- Tunisia - 586 boe/d

- The Group continued its excellent safety record with no Lost Time Incidents in first quarter of 2024

- The Group has withdrawn from the Preferred Bidder status in Angola as it was unable to agree commercial terms with the Angolan authorities


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