Oil and gas exploration company Serinus Energy
said on Thursday open hole wireline logs, mud logs and/or drill cuttings at the
Moftinu-1002biswell in Romaniaindicate seven Cenezoic aged sandstones with an
aggregate of 90.5 metres of hydrocarbon bearing rock, and 22 metres of potential
net pay.
Moftinu-1002bis is located in the Satu Mare Concession in
northwest Romania and is the second of a two well drilling programme carried out
by the company in that concession in 2014. It was spud in early December, and
reached a total depth of 2,083 metres on December 27,Serinus Energy said in a
statement.
"Despite our inability to get a complete log suite over the
entire wellbore, we are pleased with the overall results in Moftinu-1002bis, and
look forward to testing the various prospective zones. Pending successful
testing of this well and Moftinu-1001, we hope that this will be the first
commercial development for the Company in Romania,"Jock Graham, executive vice
president and COO of Serinus, said in the statement.
Only a limited
electric log suite was obtainable over three of the lower zones due to several
well stabilization issues which resulted in hole collapse and washout. The net
pay in those zones was determined primarily from strip logs, mud logs, and
observation of fluorescence. The wellbore instability appears to be due to
increased tectonic stress at the top of the structure, the statement
added.
A liner has been set and cemented in place at a depth of 1,742
metres, and Serinus will now file a completion and testing program with the
Romanian regulators. That approval is expected to be granted in or around early
February.
Completion and testing of both Moftinu-1002bis and the
previously drilled Moftinu-1001 will commence in mid-February and is expected to
be complete in early March.
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.