Serinus Energy Announces Interim Results for 6 Months Ended 30 June 2020

Source: www.gulfoilandgas.com 8/14/2020, Location: Africa

Serinus Energy plc ("Serinus", "SEN") (SEN) announces the release of its interim results for the Six Months Ended 30 June 2020.

HIGHLIGHTS

Operational

Serinus Energy plc has continued to operate safely and effectively through the COVID-19 crisis, with the successful implementation of operational and monitoring protocols in line with the recommendations of local jurisdictions to ensure the health and safety of our employees.

For the six months ended 30 June 2020, average production (boe/d) increased by 1,815 or 267% to 2,495 (2019 - 680), comprised of 1,903 (2019 - 372) in Romania and 592 (2019 - 308) in Tunisia, an increase of 1,531 or 412% and 284 or 92%, respectively.

The first half production exit rate (boe/d) at the end of June 2020 was 2,514 comprised of 1,931 in Romania and 583 in Tunisia.

The Company's Romanian 3D acquisition programme, due to be completed in the first half of 2020, has been postponed due to the restrictions caused by COVID-19 since mid-March.

Production increases in Tunisia have been lower than anticipated due to the inability of the Company to mobilize necessary technical experts across national borders due to the COVID-19 pandemic.

The Company has lowered the production expense per barrel, which averaged $8.68 (2019 - $16.54), in the face of a significant decline in commodity prices experienced during the period.

Financial

For the six months ended 30 June 2020 the Company generated $13.3 million (2019 - $6.4 million) in gross revenue or $12.4 million (2019 - $6.4 million) net of royalties. This was comprised of $9.9 million (2019 - $3.0 million) in Romania and $3.4 million (2019 - $3.4 million) in Tunisia.

For the six months ended 30 June 2020 funds from operations amounted to $4.3 million (2019 - $1.4 million).

For the six months ended 30 June 2020 realised crude oil price per barrel ("bbl") averaged $31.96 (2019 - $63.07) and realised natural gas price per thousand cubic feet ("mcf") averaged $4.74 (2019 - $7.82). Capital expenditures for the six months ended 30 June 2020 of $3.1 million (2019 - $1.6 million).

Given the ongoing uncertainty of the COVID-19 crisis and the difficulty in moving personnel and equipment during this crisis all future capital investment plans have been postponed. Capital will only be allocated to ensure the safe and continued operation of our production facilities.

On 22 June 2020, the Group agreed with its lender, the European Bank for Reconstruction and Development ("EBRD"), to pay $2.0 million of its 30 June 2020 payment under the Convertible Loan and defer the remaining $6.4 million for a period of 12 months.


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