Serinus Energy Announces Moftinu Nord-1 Well and Tunisia Update

Serinus Energy plc (“Serinus”) (SEN), announces that the drilling operations at the Moftinu Nord-1 exploration well in Romania have been completed and provides an update on Tunisia operational activities.

Moftinu Nord-1
The Moftinu Nord-1 well was drilled to a total depth of 1,000 metres, targeting four prospective hydrocarbon zones. Well logging and gas show readings determined that these zones had indications of residual gas, but they do not contain sufficient gas resources to justify proceeding with the testing and completion program for the well. Drilling operations were performed without incident. The well will now be suspended. The cost of drilling the Moftinu Nord-1 well was US$867,000.

Tunisia Operational Update
Having previously defaulted on the rig contract, La Compagnie Tunisienne de Forage (“CTF”), the Tunisia state-owned drilling company, has confirmed the availability of its CTF-04 rig to perform the workover and installation of artificial lift for the W-1 well in Sabria. This rig is expected to be mobilized to the W-1 wellsite and commence work in Q4 2022. Once the CTF-04 rig has mobilized to the W-1 site, workover and installation operations are expected to take 60 days to complete. A third-party engineering study contracted by the Company estimates that the W-1 well will have mean gross initial production rate of 796 barrels of oil equivalent per day (“boe/d”), with the Company’s net share being 358 boe/d.

Immediately following the completion of the W-1 workover and artificial lift installation, the CTF-04 rig will move to the Sabria N-2 well to perform a workover to recomplete the well. This well was drilled in 1980, but was damaged during completion and, although in proximity to producing wells, was not able to flow oil to surface. The workover program will re-complete the well and is expected to take 30 days to complete. The Company estimates that the mean gross initial production of the N-2 well will be 385 boe/d, with the Company’s net share being 173 boe/d.

Following the work on the N-2 well, the Company anticipates, subject to partner approval, proceeding with the workover and installation of artificial lift on the WIN-12bis well in Sabria in 2023. This well is currently producing and is the most prolific producing well in Sabria. The third-party engineering study estimates that the WIN-12bis well will have an incremental mean gross initial production rate of 1,668 boe/d, with the Company’s net share being 750 boe/d.