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    Serinus Expects Romanian Sales In Days

Summary

Romanian gas sales are expected to begin later this month, said Serinus.

by: Mark Smedley

Posted in:

Natural Gas News, Corporate, Exploration & Production, TSO, News By Country, Romania, Tunisia

Serinus Expects Romanian Sales In Days

AIM-listed Serinus Energy said commercial gas sales are expected to begin in the second half of this month from its Moftinu gas plant in the Satu Mare block, Romania, currently being commissioned.

In its 2Q results August 10, it is currently finalising a gas sales agreement with “an internationally recognised gas trader” and would focus on Romania as the impetus for growth over the next several years. The company appears untroubled by recent Romanian legislation affecting larger Black Sea gas developments, as its Moftinu gas plant's capacity is a relatively small 15mn ft3/d.

It is awaiting agreement to input into the Transgaz gas grid, and has also applied to join the Bucharest Commodity Market. Satu Mare is near Romania’s border with Hungary and Ukraine and expires 2034.

Serinus’s net loss in 2Q2018 was $2.62mn, against a $31,000 profit in 2Q2017. Its 2Q production was 346 boe/d, of which 72% oil and 28% gas. Production from Romania will increase that gas weighting.

Its only 1H2018 production was in Tunisia but remained patchy: it was 363 boe/d, compared to 513 boe/d in 1H2017. The decrease was due to the shut in of the Chouech Es Saida field since February 28, 2017 and lower production from the Sabria field which was shut in due to social unrest between May and September 2017 and which has performed below pre shut-in levels. Serinus described Sabria as “a large development opportunity longer term, pending improvement in Tunisia’s social situation” – a reference to strikes and protests.