Serinus Energy Inc is pleased to provide the following update on its upcoming two well drilling program in the Satu Mare licence in northwest Romania.
The Company has entered into a contract with Tacrom Drilling SRL, which will provide its Rig #3 for the program. The first well, Moftinu-1001, is expected to spud on or about November 8th, pending the rig’s release from its current job. Moftinu-1001 will be followed immediately by Moftinu-1002bis. The two wells are expected to take approximately 45 days in aggregate to drill and case, including time for the rig move between the two locations. Each will test seismically-defined gas prospects at depths of approximately 1,800 – 2,000 metres. Pending success, completion and testing of both wells is anticipated during Q1 2015. The wells are operated by Winstar Satu Mare SRL, a wholly-owned subsidiary of Serinus.
The Satu Mare licence covers 765,000 acres in northwest Romania bordering Hungary, in which Winstar Satu Mare holds a 60% working interest. The concession contains a significant number of oil and gas tests including the Santau oil pool, and the Company has developed over 50 leads and prospects thereon.
Tacrom Drilling SRL, which is a subsidiary of CAT GmbH, a Celle, Germany, based oil and gas field service contractor and equipment manufacturer, currently operates three drilling rigs in Romania and will before end of October 2014 commission its fourth. Rig #3 (Futura-3) was completely refurbished in 2013 and has since successfully drilled 11 wells ranging in depth from 1,300 to 1,800 metres.
