Oil and gas exploration company Serinus Energy said on Wednesday it has
commenced drillingthe Moftinu-1001 exploration well in the Satu Mare concession
in northwest Romania.
Moftinu-1001 is the first of a two well drilling
programme 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, Serinus Energy said in
a statement.
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 million cubic feet per day(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 square kilometresof 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 the first quarter of2015.
Satu Mare is a 765,000 acre exploration
block, 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.
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. The common shares of the company
are traded on theWarsaw and Toronto Stock Exchanges.