Serinus Energy Announces Interim Results for the Nine Months Ended 30 September 2022

Source: www.gulfoilandgas.com 11/28/2022, Location: Africa

Serinus Energy plc ("Serinus") (SEN), is pleased to announce its interim results for the nine months ended 30 September 2022.

Financial

- Revenue for the nine months ended 30 September 2022 was $41.8 million (30 September 2021 - $25.7 million)
- During the period Moftinu Gas Plant surpassed produced revenues of $87.0 million since first gas in 2019
- Net income for the nine months ended 30 September 2022 was $3.4 million (30 September 2021 - $0.8 million)
- Funds from operations for the nine months ended 30 September 2022 were $ 11.1 million (30 September 2021 - $ 7.8 million)
- EBITDA for the nine months ended 30 September 2022 was $11.4 million ( 30 September 2021 - $8.9 million)
- Gross profit for the nine months ended 30 September 2022 was $11.8 million (30 September 2021 - $4.4 million)
- The Company realised a net price of $162.18/boe for the nine months ended 30 September 2022 comprising:
- Realised oil price - $101.04/bbl
- Realised natural gas price - $36.66/Mcf
- The Group's operating netback remained strong for the nine months ended 30 September 2022 and was $120.13/boe ( 30 September 2021 - $34.13/boe), comprising:
- Romania operating netback - $195.73/boe ( 30 September 2021 - $37.79/boe)
- Tunisia operating netback - $59.11/boe ( 30 September 2021 - $26.05/boe)
- Capital expenditures of $8.6 million for the nine months ended 30 September 2022 ( 30 September 2021 - $9.3 million), comprising:
- Romania - $6.9 million
- Tunisia - $1.7 million
- Working capital surplus increased to $0.8 million (31 December 2021 - $0.6 million)
- Cash balance as at 30 September 2022 was $8.8 million (31 December 2021 - $8.4 million)

Operational

- The Canar-1 well was drilled to a total depth of 1,570 metres, targeting three prospective hydrocarbon zones. Well logging and gas show readings determined that these zones had indications of gas, but they do not contain sufficient gas resources to justify proceeding with the testing and completion program for the well. The Canar-1 well has been completed as a water disposal well and test injection is ongoing
- 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 estimated gas resources to justify proceeding with the testing and completion program for the well. The well is now suspended
- Drilling operations on both the wells (Canar-1 and Moftinu Nord-1) were performed within budget and without incident
- The Company has initiated a geological and geophysical review of the Satu Mare concession to high rank the management-estimated 181 million barrels of oil equivalent prospects
- In Tunisia, production has remained stable in the first three quarters of 2022. All material and consumables for the artificial lift programme at the Sabria W-1 well have been received in-field and the Company is awaiting mobilisation of the rig. 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 004 rig to perform the workover and installation of artificial lift for the W-1 well in Sabria. The rig is currently being demobilised from another operator and is expected to be operational at the well site in December 2022. Workover and installation operations are expected to take 60 days to complete
- Workover at the CS-9 well at Chouech Es Saida was completed in August 2022
- Immediately following the completion of the W-1 workover and artificial lift installation, the CTF 004 rig will move to the Sabria N-2 well to perform a workover to recomplete the 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
- Production for the period averaged 938 boe/d, comprising:
- Romania - 421 boe/d
- Tunisia - 517 boe/d
- In August 2022, the Company performed a lifting of 50,344 bbls of Tunisian crude oil at a price of $99.51/bbl


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