Serinus Energy Inc.
TSX : SEN
WARSAW : SEN

Serinus Energy Inc.

November 12, 2014 07:30 ET

Serinus Energy Inc.: Romania: Moftinu-1001 Commences Drilling

CALGARY, ALBERTA--(Marketwired - Nov. 12, 2014) - Serinus Energy Inc. (TSX:SEN)(WARSAW:SEN) ("Serinus", "SEN" or the "Company"), is pleased to report that the Moftinu-1001 exploration well has commenced drilling.

Moftinu-1001 is located in the Satu Mare Concession ("Satu Mare") in northwest Romania and is the first of a two well drilling program by the Company in that concession. The planned total depth is 1,848 metres and the well is expected to take 18 days to drill. The rig will move to the second location, Moftinu-1002bis, immediately after drilling and casing Moftinu-1001.

Both wells are following up on the Moftinu-1000 well drilled in 2012, which tested an aggregate of 1.6 MMcf/d from two zones. Moftinu-1000 was drilled prior to the acquisition of 3D seismic over the area, and is located down dip of both the Moftinu- 1001 and 1002bis wells. The Moftinu-1001 and 1002bis locations have been selected using 3D seismic and are targeting Miocene and Pliocene aged sands at depths between 1,800 - 2,000 metres, within structural closures in combination with seismic amplitude anomalies. Both wells are expected to be drilled and cased by mid-December, and completion and testing will commence in late January 2015.

The Company is also currently shooting an additional 180 km2 of 3D seismic in the Santau area within Satu Mare, immediately south of Moftinu. Acquisition is expected to be complete by November 15, 2014, and processing and interpretation to be done during Q1 2015.

Satu Mare is a 765,000 acre exploration block, located in northwest Romania which is 60% owned and operated by Winstar Satu Mare SRL, a wholly-owned subsidiary of Serinus. The other 40% is owned by a subsidiary of KMG International, a company with a wide variety of interests in the Romanian energy sector.

Abbreviations

bbl Barrel(s) bbl/d Barrels per day
boe Barrels of Oil Equivalent boe/d Barrels of Oil Equivalent per day
Mcf Thousand Cubic Feet Mcf/d Thousand Cubic Feet per day
MMcf Million Cubic Feet MMcf/d Million Cubic Feet per day
Mcfe Thousand Cubic Feet Equivalent Mcfe/d Thousand Cubic Feet Equivalent per day
MMcfe Million Cubic Feet Equivalent MMcfe/d Million Cubic Feet Equivalent per day
Mboe Thousand boe Bcf Billion Cubic Feet
MMboe Million boe Mcm Thousand Cubic Metres
UAH Ukrainian Hryvnia USD U.S. Dollar
CAD Canadian Dollar

About Serinus

Serinus is an international upstream oil and gas exploration and production company with a diversified portfolio of projects in Ukraine, Tunisia, Romania, Brunei 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 capable of gas production, although two are currently shut in due to security issues in the area.

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 the northwestern portion of the country.

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. 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 (www.serinusenergy.com)

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.

Suite 1500, 700-4th Avenue SW, Calgary, Alberta, Canada
Telephone: +1-403-264-8877
Al Shafar Investment Building, Suite 123, Shaikh Zayed Road, Dubai, UAE
Telephone: +971-4-339-5212
Nowogrodzka 18/29, 00-511 Warsaw, Poland
Telephone: +48 (22) 414 21 00

Contact Information

  • Serinus Energy Inc. - Canada
    Norman W. Holton
    Vice Chairman
    Tel.: +1-403-264-8877
    nholton@serinusenergy.com

    Serinus Energy Inc. - Canada
    Gregory M. Chornoboy
    Director - Capital Markets & Corporate
    Development
    Tel: +1-403-264-8877
    gchornoboy@serinusenergy.com

    Serinus Energy Inc. - Poland
    Jakub J. Korczak
    Vice President Investor Relations
    & Managing Director CEE
    Tel.: +48 22 414 21 00
    jkorczak@serinusenergy.com