Serinus Energy Inc.

Serinus Energy Inc.

October 20, 2014 06:00 ET

Serinus Energy Inc.-Romania: Drilling Program Update

CALGARY, ALBERTA--(Marketwired - Oct. 20, 2014) - Serinus Energy Inc. ("Serinus", "SEN" or the "Company") (TSX:SEN)(WARSAW:SEN), is pleased to provide the following update on its upcoming two well drilling program in the Satu Mare licence in northwest Romania.

The Company has entered into a contract with Tacrom Drilling SRL, which will provide its Rig #3 for the program. The first well, Moftinu-1001, is expected to spud on or about November 8th, pending the rig's release from its current job. Moftinu-1001 will be followed immediately by Moftinu-1002bis. The two wells are expected to take approximately 45 days in aggregate to drill and case, including time for the rig move between the two locations. Each will test seismically-defined gas prospects at depths of approximately 1,800 - 2,000 metres. Pending success, completion and testing of both wells is anticipated during Q1 2015. The wells are operated by Winstar Satu Mare SRL, a wholly-owned subsidiary of Serinus.

The Satu Mare licence covers 765,000 acres in northwest Romania bordering Hungary, in which Winstar Satu Mare holds a 60% working interest. The concession contains a significant number of oil and gas tests including the Santau oil pool, and the Company has developed over 50 leads and prospects thereon.

Tacrom Drilling SRL, which is a subsidiary of CAT GmbH, a Celle, Germany, based oil and gas field service contractor and equipment manufacturer, currently operates three drilling rigs in Romania and will before end of October 2014 commission its fourth. Rig #3 (Futura-3) was completely refurbished in 2013 and has since successfully drilled 11 wells ranging in depth from 1,300 to 1,800 metres.

About Serinus

Serinus is an international upstream oil and gas exploration and production company with a diversified portfolio of projects in Ukraine, Brunei, Tunisia, Romania and Syria and with a risk profile ranging from exploration in Brunei, Romania and Syria to production and development in Ukraine and Tunisia. The common shares of the Company trade under trading symbol "SEN" on both the WSE (Warsaw Stock Exchange) and the TSX.

In Ukraine, Serinus owns an effective 70% interest in KUB-Gas LLC through its 70% shareholding of KUBGas Holdings Limited. The assets of KUB-Gas LLC consist of 100% interests in five licences near to the City of Lugansk in the northeast part of Ukraine. Four of the licences are gas producing.

In Tunisia, Serinus owns a 100% working interest in the Chouech Essaida, Ech Chouech, Sanrhar and Zinnia concessions, and a 45% working interest in the Sabria concession. Four of the concessions are currently producing oil or gas.

In Romania, Serinus has a 60% working interest in the onshore Satu Mare concession, a 2,949 square kilometre exploration and development block, in northwestern Romania.

In Brunei, Serinus owns a 90% working interest in a production sharing agreement which gives the Company the right to explore for and produce oil and natural gas from Block L.

In Syria, Serinus holds a participating interest of 50% in the Syria Block 9 production sharing contract which provides the right to explore for and, upon the satisfaction of certain conditions, to produce oil and gas from Block 9, a 10,032 square kilometre area in northwest Syria. The Company has an agreement to assign a 5% ownership interest to a third party which is subject to the approval of Syrian authorities, and which, if approved, would leave the Company with a remaining effective interest of 45% in Syria Block 9. Serinus declared force majeure, with respect to its operations in Syria, in July 2012.

The main shareholder of the Company is Kulczyk Investments S.A., an international investment house founded by Polish businessman Dr. Jan Kulczyk.

For further information, please refer to the Serinus website (

Translation: This news release has been translated into Polish from the English original.

Forward-looking Statements: This release may contain forward-looking statements made as of the date of this announcement with respect to future activities that either are not or may not be historical facts. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable as of the date hereof, any potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors that could impair or prevent the Company from completing the expected activities on its projects include that the Company's projects experience technical and mechanical problems, there are changes in product prices, failure to obtain regulatory approvals, the state of the national or international monetary, oil and gas, financial, political and economic markets in the jurisdictions where the Company operates and other risks not anticipated by the Company or disclosed in the Company's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties and actual results may vary materially from those expressed in the forward-looking statement. The Company undertakes no obligation to revise or update any forward-looking statements in this announcement to reflect events or circumstances after the date of this announcement, unless required by law.

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Telephone: +48 (22) 414 21 00

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