Oil and gas exploration company Serinus Energy said on Tuesday it has
foundmultiple gas zones in theMoftinu-1001 exploration well in the Satu Mare
concession in northwest Romania and will drill another wellby the end of this
month.
Moftinu-1001 reached a total depth of 1,463 metres on November
28after penetrating the entire Miocene and Pliocene sandstone section,the
equivalents of the zones encountered in the Moftinu-1000 well drilled by Winstar
Resources in 2012, which tested on aggregate 1.6 million cubic feet per day from
two sands, Serinus said in a statement.
The original planned total depth
for Moftinu-1001 was 1,900 metres,but mechanical difficulties encountered at
1,463 metres 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 about 730 to 900 metres, the company added.
These
sands show excellent porosity, ranging between 24% and 36%. The well also
encountered three additional zoneswhichexhibit good reservoir properties,
although the preliminary data is inconclusive as to the existence of
hydrocarbons therein, and further evaluation will be required to confirm their
commercial potential.
Moftinu-1001 has been cased, and completion and
testing will commence in early February. Serinus will file a completion and
testing programme 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 expected to be drilled and cased by the end
of December. Pending success, Moftinu-1002bis will be completed and tested
immediately after Moftinu-1001.
"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,"Jock
Graham, executive vice president and COOof Serinus said.
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.