Serinus ramping up operations in Tunisia

Serinus Energy Plc shares were slightly lower on Monday as the company updated on its operations in Romania and Tunisia.

At the Moftinu gas development project in Romania the company has recently brought online the Moftinu-1003 and Moftinu-1007 wells, and, production is being optimised from both.

The company intends to drill the Moftinu-1004 well in late 2019 or early 2020, with the aim of delivering more gas to the plant and expand the project’s production plateau.

Additionally, the company plans to conduct a 3D seismic survey across the Satu Mare Concession which is adjacent to Moftinu. The work, slated for the third or fourth quarter of 2019, will satisfy the company’s remaining work obligations for the third exploration phase.

Meanwhile, the company told investors that in Tunisia it is ramping up operations after a prolonged period of restricted activity – due to difficult social conditions in the country – and its local team has begun reopening the Chouech Es Saida field.

It is initially rehiring employees, clearing roads, and inspecting equipment. This work is ongoing and the company anticipates that work to replace pumps in the wells will start by early in the third quarter.

Additionally, it plans to deploy capital to the Sabria field where it will re-enter a damaged well. The company believes it will be a low risk opportunity and an “excellent” allocation of capital.

The investment in Sabria is expected to start late in the fourth quarter.

Serinus shares were changing hands at 11.18p, down 2.83%.

 

Source: Proactive Investors

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