Serinus Energy Announces Interim Results for Three Months Ended 31 March 2022

Serinus Energy plc (“Serinus”) (SENX) is pleased to announce its interim results for the three months ended 31 March 2022.

Financial

- Revenue for the three months ended 31 March 2022 was $13.4 million (31 March 2021 - $7.6 million)

- The Company generated net income of $1.0 million (31 March 2021 – $1.0 million loss)

- EBITDA for the three months ended 31 March 2022 was $3.1 million (31 March 2021 - $2.6 million)

- Gross profit for the three months ended 31 March 2022 was $2.9 million (31 March 2021 - $0.7 million)

- The Company realised a net price of $184.57/boe for the three months ended 31 March 2022, comprising:
- Realised oil price - $90.13/bbl
- Realised natural gas price - $33.94/Mcf ($203.64/boe)

- The Group’s operating netback remained strong for the three months ended 31 March 2022 and was $148.88/boe (31 March 2021 - $23.90/boe), comprising:
- Romania operating netback - $182.79/boe (31 March 2021 - $26.23/boe)
- Tunisia operating netback - $41.88/boe (31 March 2021 - $18.33/boe)

- Capital expenditures of $1.5 million (31 March 2021 - $3.5 million), comprising:
- Romania - $1.3 million
- Tunisia - $0.2 million

- Cash balance as at 31 March 2022 was $6.2 million

Operational

- The Satu Mare 2D seismic acquisition programme has been completed and interpretation work to support the drilling of up to three prospects adjacent to the Moftinu field is underway

- Well permitting is underway and rig availability has been determined for a multi-well drilling program in the latter half of 2022 in Romania

- The Sabria W-1 wellsite has been prepared for the intervention which will install the first submersible pump for the Artificial Lift programme in the Sabria field. Tubulars and workover consumables are onsite

- The Company has signed a rig contract and is awaiting rig mobilization from another operator and the workover and pump installation at the Sabria W-1 well will commence as soon as the rig is available

- Upon completion of the workover and pump installation at Sabria W-1, the rig will move to the Sabria N-2 well to perform a workover to recomplete the well. All materials required for this intervention are sourced

- Additional pumps and long-lead items in Tunisia have been ordered, to mitigate longer lead times created by global supply chain disruptions

- Production for the period averaged 1,115 boe/d, comprising:
- Romania – 610 boe/d
- Tunisia - 505 boe/d

- The Company performed a lifting in April 2022 of 42,000 bbls of Tunisian crude oil at a price of $104.79/bbl. Revenue will be recognised in the second quarter of 2022