Oil and
gas exploration company Serinus Energy said on Monday the results of tests it
completedon theMoftinu-1002bis well in northwestern Romania prove the
existence of movable hydrocarbons in the four Miocene sands
tested.
Serinus estimates that the tested zones contain 27 billion cubic
feet (cf) of original gas in place, although eventual recovery factors will be
contingent upon identifying suitable drilling and completion techniques to allow
commercial production rates,the company said in a
statement.
Furthermore, gas samples indicate that the gas is rich in
natural gas liquidsand preliminary analysis suggests that liquid recoveries of
25 barrels (bbl) per millon cubic feet (MMcf)or higher may be
possible.
The test indicated a tight formation with formation damage,
consistent with the lower apparent porosities observed on logs, and the use of
heavy fluids to control washout and hole collapse during drilling. The well
averaged approximately 2.8 MMcf per dayfor 30 minutes, then declined to 245
thousand cubic feet (Mcf) per dayover the following two hours. The estimates
and conclusions at this point are more qualitative than quantitative due to poor
data quality, the company added.
The first welldrilled in the Satu Mare
concession, the Moftinu-1001 well, achieved a maximum test rate of 7.4 million
cf per day and 19 bbl per day of condensate with only trace amounts of water
from three Pliocene/Miocene aged sands with aggregate net pay of 26
metres.
"We are very pleased with these test results. The deliverability
and apparent size of the gas accumulation around Moftinu-1001 appears to be
commercial, and we look forward to extending the Satu Mare Concession and
putting forth the development plan,"Tim Elliott, President and CEOof Serinus,
said in the statement.
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.