Serinus Energy drilling preparations in Romania are ahead of schedule

Serinus Energy plc (LON:SENX) has announced that the exploration drilling program in Romania is progressing and the work to prepare for drilling is ahead of schedule. The Company’s plan is to drill two wells sequentially into two separate natural gas prospects located near the Moftinu gas field and gas plant. Subject to the results of the first two wells the Company anticipates drilling a third well to complete this 2022 drilling programme. 

The two prospects to be drilled during this operation are the Canar prospect and the Moftinu Nord prospect. The Company’s recently completed 2D seismic acquisition program has confirmed the attractiveness of these prospects.

Subject to the timely approval of all permits the Company intends to drill the Canar-1 well located 4.0 km to the west of the Moftinu gas plant, commencing in late June or early July.  Upon completion of the Canar-1 well the Company expects to drill the Moftinu Nord-1 well.  Moftinu Nord is a distinct gas prospect located 5.2 km to the northwest of the Moftinu gas plant.

Permitting for these wells has commenced and is expected to be completed within the next few weeks. All long lead items for the Canar-1 well have arrived at the Company’s warehouse in Satu Mare county.  Remaining long lead items for the Moftinu Nord-1 well will be available prior to the planned commencement of drilling.

The surface works, including access roads and drilling platforms, for both wells are underway and near completion. The Company has secured a drilling rig for the programme and a rig mobilisation order is expected in late June.

The Company is fully funded for its 2022 Capital Programme in Romania and Tunisia.

Serinus Energy will provide further updates to the market as this drilling program progresses over the summer.

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