Serinus Energy Announces Results for the Nine Months Ended 30 September 2021

Source: www.gulfoilandgas.com 11/29/2021, Location: Africa

Serinus Energy plc (“Serinus”) (SENX) announces the release of its interim results for the nine months ended 30 September 2021.

Financial
- Revenue for the nine months ended 30 September 2021 was $25.7 million (30 September 2020 - $18.2 million)

- The Company generated net income of $0.8 million (30 September 2020 – loss of $13.7 million)

- Funds from operations for the nine months ended 30 September 2021 was $7.8 million (30 September 2020 - $5.9 million)

- EBITDA for the nine months ended 30 September 2021 was $8.9 million (30 September 2020 - $6.4 million)

- Gross profit for the nine months ended 30 September 2021 was $4.4 million (30 September 2020 - gross loss $1.7 million)

- Commodity prices remain strong, with October average Brent price of $83.54/bbl and October average Day Ahead Romania BRM gas price of $30.34/Mcf. The Company realised a net price of $52.62/boe for the nine months ended 30 September 2021, comprising:
- Realised oil price - $61.69/bbl
- Realised natural gas price - $8.26/Mcf

- The Group’s operating netback remained strong for the nine months ended 30 September 2021 and was $34.13/boe (30 September 2020 - $16.51/boe), comprising:
- Romania operating netback - $37.79/boe (30 September 2020 - $18.18/boe)
- Tunisia operating netback - $26.05/boe (30 September 2020 - $11.48/boe)

- Capital expenditures of $9.3 million (30 September 2020 - $3.7 million), comprising:
- Romania - $8.5 million
- Tunisia - $0.8 million

- Cash balance as at 30 September 2021 was $6.4 million

Operational
- On 23 August 2021 the Company announced that Mr. Stuart Morrison was appointed Chief Operating Officer, bringing over 30 years of operational oil and gas industry experience to the Company 2

- In Tunisia the Artificial Lift programme continues to be advanced with the first pump, destined to be installed in the Sabria-W1 well, to be delivered in the first quarter of 2022. Immediately upon receipt of the pump the Company will begin the workover activities for the installation of this pump

- Serinus has designed and commenced permitting for a new 2D seismic acquisition programme to support the drilling of up to three prospects adjacent to the Moftinu field. Subject to well permitting approvals, the Company intends to begin this multi-well drilling programme in the latter half of 2022

- Installation of compression on the Moftinu gas field commenced during the last week of October 2021, on the Moftinu-1003 well. It is expected that this and further compression will enhance production from current levels, mitigate production decline and extend field life

- On 07 October 2021 the Company announced that it had incorporated a new gas trading subsidiary, Serinus Energy Romania Trading S.r.l

- Sancrai-1 will remain suspended while analysis of the drilling results, petrophysics and seismic data continues. While this work is ongoing the Company will accelerate the drilling of three prospects adjacent to the Moftinu gas field
- Production for the period averaged 1,810 boe/d, comprising:
- Romania – 1,242 boe/d
- Tunisia - 568 boe/d

- Serinus has continued to operate safely and effectively through the COVID-19 pandemic, with the successful implementation of operational and monitoring protocols to ensure the health and safety of our employees


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