Oil and gas exploration company Serinus Energy
said on Tuesday testing is currently underway on the Moftinu-1002bis well in
Romania, with results expected within the next several days.
Moftinu-1001
and 1002bis, along with the 180 sq km3D seismic programme in the Santau area
shot in late 2014 and associated filings to the Romanian government, will fulfil
both the government and partner minimum work commitments for the Satu Mare
Concession, Phase 2, the company said in a statement.
Written
confirmation of such is expected in May, it added.Satisfactory completion of
Phase 2 entitles the company to enter into exclusive negotiations with the
Romanian government with respect to a third exploration phase.
Serinus
has commenced preliminary discussions with the regulators with respect to the
attendant work programme. Also pending satisfactory final results from the two
wells and the continuation of the Satu Mare Concession, the company will
commence the process to establish a production concession at Moftinu, it
added.
The Moftinu-1001 well in Romania achieved a maximum test rate of
7.4 million cubic feet per day and 19 barrels per day of condensate with only
trace amounts of water from three Pliocene/Miocene aged sands with aggregate net
pay of 26 metres.
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.
Pursuant to a farm-in agreement between Winstar Satu Mare and
the other owner, the company is funding 100% of these expenditures. Once the
Phase 2 work requirements have been completed, all working interest owners will
be responsible for their respective shares of future capital
costs.
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.