Serinus Energy Inc.
TSX : SEN
WARSAW : SEN

Serinus Energy Inc.

December 09, 2014 07:30 ET

Serinus Energy Inc.: Romania: Moftinu-1001 Finds Multiple Gas Zones

CALGARY, ALBERTA--(Marketwired - Dec. 9, 2014) - Serinus Energy Inc. ("Serinus", "SEN" or the "Company") (TSX:SEN)(WARSAW:SEN), is pleased to report preliminary log results from the Moftinu-1001 exploration well in Romania.

Serinus Energy Inc. operates in Romania through its wholly owned subsidiary Winstar Satu Mare SRL. The Moftinu 1001 well, has been drilled within the 765,000 acre exploration block known as the Satu Mare Concession, in north-western Romania. The Satu Mare Concession is 60% owned and operated by Winstar Satu Mare SRL and 40% owned by a subsidiary of KMG International, a company with a wide variety of interests in the Romanian energy sector.

Moftinu-1001 reached a total depth of 1,463 metres on November 28, 2014, after penetrating the entire Miocene and Pliocene sandstone section. These are the equivalents of the zones encountered in the Moftinu-1000 well drilled by Winstar Resources in 2012, which tested in aggregate 1.6 million cubic feet per day from two sands. The original planned total depth for Moftinu-1001 was 1,900 metres, intended to test the possibility of gas in pre Miocene (Eocene & Basement) structures, but mechanical difficulties encountered at 1,463 meters made drilling deeper not a viable option.

Logs indicate three Pliocene/Miocene aged zones with aggregate potential net pay of 17 metres at depths ranging from approximately 730 to 900 metres. These sands show excellent porosity, ranging between 24% and 36%.

The well also encountered three additional zones at depths between 500 and 600 metres with aggregate sand thickness of 23 metres. These zones exhibit good reservoir properties, although the preliminary data is not conclusive as to the existence of hydrocarbons therein, and further evaluation will be required to confirm their commerciality.

Moftinu-1001 has been cased, and completion and testing will commence in early February. Serinus will file a completion and testing program with the Romanian regulators, and that approval is expected to be granted in January.

The drilling rig is now moving to the Moftinu-1002bis location, which is anticipated to be drilled and cased by the end of this month. Pending success, Moftinu-1002bis will be completed and tested immediately after Moftinu-1001.

These two wells, along with the recently acquired 180 square kilometre 3D seismic program in the Santau area (including associated filings to the Government), will fulfil both the Government and partner ( Phase 2) minimum work commitment for Satu Mare Concession.

Jock Graham, Executive Vice President and Chief Operating Officer of Serinus said "We are very pleased with the quality and quantity of the sand packages encountered in Moftinu-1001, and look forward to the test results in February. This is the first step in confirming the potential of the Satu Mare block in northwest Romania, which we believe could grow to become a significant new operation and production unit for Serinus."

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