Serinus Yet to Start Romania Gas Sales
Jersey-registered independent, Serinus Energy, said November 14 that its gas production in northwest Romania is still denied access to the country’s Transgaz national gas transmission system.
Three wells at its Moftinu site have been tied into Serinus’s 15mn ft3/d gas facility which has been ready to start pilot production since August 21 2018. Transgaz however says the gas does not meet with its quality parameters. Serinus said it "continues to pursue the acceptance of this gas into the [Transgaz] system" and that the required equipment should be installed and commissioned by end-November. It said it has the option to drill an additional well in 2019, but that the two wells it drilled in 2018 fulfil its work obligation.
Serinus's only existing production is in Tunisia, where it wants to boost production from existing wells on Sabria. It said this could be a large development opportunity in the longer term "pending improvement in the social situation in Tunisia". It says it may be able to restart its Chouech es Saida field – shut since February 2017 owing to social unrest – during 1Q 2019 following talks with authorities.
Net 3Q 2018 loss was $0.57mn, down from a 3Q 2017 net loss of $7mn; the nine-month loss was $2.2mn ($9.1mn). Capex was $4.5mn and $11.9mn in 3Q and 9M 2018 respectively, mostly in Romania. Production was 346 barrels of oil equivalent per day in 3Q 2018, all at Sabria, of which 71% was oil and 29% gas; considerably up from the 88 boe/d produced in 3Q 2017. Output for 9M 2018 was 357 boe/d (9M 2017 production was slightly higher at 369 boe/d).