“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 Chief Executive Officer of Serinus said in a statement.
Serinus owns a concession of 2,949 square kilometers in Satu Mare, which it manages jointly with KMG International (former Rompetrol). Winstar Satu Mare owns 60% of the concession, while KMG International owns the rest of 40%.
As for Moftinu-1002bis well, the poor quality of data gathered during tests led to no clear conclusion on the hydrocarbon potential, the company said.
Thus, Serinus completed the second phase of the investment program in Romania and will start negotiations with the government for a third 3-year exploration phase.
“Serinus has commenced preliminary discussions with the National Agency for Mineral Resources with respect to the attendant work program. Written confirmation of the extension is expected to be received from NAMR in May 2015. Also pending written confirmation of the Satu Mare Concession, the Company will commence the process to establish a Production Concession at Moftinu,” the statement reads.
Serinus Energy also operates in Ukraine, Tunisia, Brunei and Syria.