Serinus Energy plc (LON:SENX) has announced the release of its interim results for the six months ended 30 June 2021.
HIGHLIGHTS
FINANCIAL
· Revenue for the six months ended 30 June 2021 was $15.9 million (30 June 2020 – $13.3 million)
· Funds from operations for the six months ended 30 June 2021 were $5.3 million (30 June 2020 – $4.3 million)
· EBITDA for the six months ended 30 June 2021 was $5.5 million (30 June 2020 – $5.0 million)
· Gross profit for the six months ended 30 June 2021 was $2.1 million (30 June 2020 – gross loss $1.2 million)
· Commodity prices remain strong, driven by post-COVID economic recovery. European gas prices are at record highs. Net realised price of $43.83/boe, comprising:
o Realised oil price – $58.06/bbl
o Realised natural gas price – $6.59/Mcf
· The Group’s operating netback for the six months ended 30 June 2021 was $26.72/boe (30 June 2020 – $18.44/boe), comprising:
o Romania operating netback – $28.73/boe (30 June 2020 – $21.34/boe)
o Tunisia operating netback – $21.85/boe (30 June 2020 – $9.42/boe)
· Capital expenditures of $5.9 million (30 June 2020 – $3.1 million), comprising:
o Romania – $5.2 million
o Tunisia – $0.7 million
· Cash balance as at 30 June 2021 was $5.7 million
OPERATIONAL
· On 15 July 2021 the Company announced that the Sancrai-1 exploration well was a gas discovery.
· The Sancrai-1 discovery is a step towards unlocking an estimated 181 MMboe mean unrisked or 73 MMboe of mean risked recoverable resources on the Satu Mare Concession Area.
· The Sancrai-1 exploration well commenced drilling on 29 June 2021. The well is the final commitment of the third exploration phase on the Satu Mare Concession and has been drilled to 1,600 metres.
· Compression on the Moftinu gas field continues to be advanced with the first compression unit due to be delivered in August. The compression project is designed to stabilise the natural decline of the Moftinu gas field and allow for extended production in the future.
· Serinus has accelerated the re-processing of 2D seismic lines on the Satu Mare Concession Area to enable the use of these legacy assets to design future drilling and development options more accurately in the Sancrai and Madaras areas.
· In Tunisia the Artificial Lift programme continues to be advanced with approvals having been received from the field partner and the design and purchase of pumps having commenced.
· Whilst the pandemic has created a more difficult operating environment the Company has conducted further workover operations in the Chouech area allowing for a standardization of pumps and increased production.
· Production for the period averaged 2,012 boe/d, comprising:
o Romania – 1,442 boe/d
o Tunisia – 570 boe/d
· Serinus Energy has continued to operate safely and effectively through the COVID-19 pandemic, with the successful implementation of operational and monitoring protocols to ensure the health and safety of our employees.