Serinus Announces Annual Financial Results for 2022

Source: 3/20/2023, Location: Africa

Serinus Energy plc (“Serinus”)(SENX, WSE:SEN) is pleased to announce its Annual Financial Results for 2022.

- Revenue for the year ended 31 December 2022 was $49.3 million (31 December 2021 - $40.0 million)
- EBITDA for the year ended 31 December 2022 was $12.7 million (31 December 2021 - $12.3 million)
- The Company generated net income of $1.6 million, which includes a $1.9 million asset impairment (31 December 2021 – net income of $8.4 million)
- The Company realised a net price of $149.46/boe for the year ended 31 December 2022, comprising:
- Realised oil price - $94.39/bbl
- Realised natural gas price - $34.53/Mcf
- The Group’s operating netback remained strong for the year ended 31 December 2022 and was $107.59/boe (31 December 2021 - $44.60/boe), comprising:
- Romania operating netback - $181.57/boe (31 December 2021 - $52.44/boe)
- Tunisia operating netback - $54.34/boe (31 December 2021 - $29.77/boe)
- Capital expenditures of $12.9 million (31 December 2021 - $10.7 million), comprising:
- Romania - $8.4 million
- Tunisia - $4.5 million
- Third party reserves report attributes $85.4 million of Net Present Value at a 10% discount rate to the audited Proved and Probable Reserves of the Company as at 31 December 2022
- Cash balance as at 31 December 2022 was $4.9 million

- Completed the Romanian near-term exploration programme in 2022. Drilled two exploration wells in Romania in 2022. Both the Moftinu Nord-1 well and the Canar-1 well encountered gas in targeted reservoirs however quantities did not justify commercial development
- The Canar-1 well has been completed for use as a solar powered water injection well. Water from Moftinu field is being disposed of at Canar-1 resulting in a cost saving of approximately $800,000 per year
- The second compressor at the Moftinu field was commissioned in February 2022. The compressors have stabilised production and will extend overall field life
- The Company initiated a comprehensive block wide Geological Review engaging RISC Consultancy to take the Company’s existing database of 2D, 3D and well data and using that database construct a consistent geological model. This model, containing all of the extensive legacy and modern data covers the entirety of the 3000 km2 Satu Mare concession
- Knowledge from the Moftinu field development and recent exploration drilling has been incorporated into the comprehensive geological model to guide the Company in its further exploration of the highly prospective and multi-play Satu Mare concession
- In Tunisia, the workover to install the first submersible pump for the Artificial Lift programme has commenced at the Sabria field. Plans for additional pumps in the Sabria field are being progressed
- Workovers in the Chouech Es Saida field continue the increased production from wells CS-3 and CS-1
- Production for the year averaged 889 boe/d, comprising:
- Romania – 379 boe/d
- Tunisia - 510 boe/d

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