Serinus Announces 2017 Financial and Operating Results

CALGARY, Alberta, March 20, 2018 (GLOBE NEWSWIRE) -- Serinus Energy Inc. (" Serinus ", " SEN " or the " Company ") (TSX:SEN) (WARSAW:SEN), is pleased to report its financial and operating results for the year ended December 31, 2017.2017 Highlights Production in 2017 has been severely...

London, 21/03/2018 (informazione.news - comunicati stampa - energia)

CALGARY, Alberta, March 20, 2018 (GLOBE NEWSWIRE) -- Serinus Energy Inc. (" Serinus ", " SEN " or the " Company ") (TSX:SEN) (WARSAW:SEN), is pleased to report its financial and operating results for the year ended December 31, 2017.

2017 Highlights

Notes: Serinus prepares its financial results on a consolidated basis. Unless otherwise noted by the phrases "allocable to Serinus", "net to Serinus", "attributable to SEN shareholders" or "SEN WI", all values and volumes refer to the consolidated figures. Serinus reports in US dollars; all dollar values referred to herein, whether in dollars or per share values are in US dollars unless otherwise noted.

Summary Financial Results  (US$ 000's unless otherwise noted)

General & Financial Highlights

Operational Highlights

Outlook

The Company is focusing on Romania as the impetus for growth over the next several years. The Moftinu gas development project is a near-term project that is expected to begin producing from the gas discovery well Moftinu-1000 and the planned Moftinu 1007 in late Q2 2018. The Company signed an engineering, procurement and construction and commissioning contract on May 9, 2017 and construction of a gas plant with 15 MMcf/d of operational capacity is progressing with expected first gas production late Q2 2018.

The Company is also progressing the drilling program to meet work commitments for the extension to October 2019 and plans to drill three additional development wells (Moftinu-1003 and Moftinu-1004 and Moftinu-1007) The Corporation sees potential production from these wells being able to bring the gas plant to full capacity by late 2018.

In Tunisia, the Company is currently focusing on improving production from Sabria following the shut-in and plans to focus on carrying out low cost incremental work programs to increase production from existing wells, including the Sabria N-2 re-entry and installing artificial lift on another Sabria well, having determined that production at its oil field can be restarted in a safe and secure environment with sufficient comfort that there will be no further production disruptions for the foreseeable future. The Corporation views Sabria as a large development opportunity longer term.

For the Chouech Es Saida field, the Company is evaluating the restart of the field including timing and costs to replace the electric submersible pump for the CS-3 well. The Company views the level of activity pursued in Tunisia as dependent on the following thresholds being achieved and maintained. In terms of oil prices, incremental vertical wells become economic at Brent oil prices of ~$45/bbl, with potential multi-leg horizontal wells lowering the threshold to below $30/bbl in Sabria. The current capacity of surface facilities would only allow for 1 to 3 incremental wells for each of Sabria and Chouech Es Saida/Ech Chouech. As well for Chouech Es Saida/Ech Chouech, the STEG El Borma gas plant is nearly at its effective capacity. Further gas developments from this concession may have to be delayed until the completion of the Nawara Pipeline for material gas pipeline capacity to come online.

Average working interest production in 2018 in Tunisia to the end of February was approximately 393 boe/d (286 bbl/d of oil, 643 Mcf/d of gas). 

The Company's production continues to be significantly curtailed in the first quarter of 2018 as a result of the continued shut-in of the Chouech Es Saida field in Tunisia, and the lower volumes from the WIN-12 well in Sabria.  The Company is evaluating the restart of the Chouech Es Saida field in the latter part of 2018.  Full year production for 2018 is dependent on the successful the restart of production at the Chouech Es Saida field and the security and safety issues in and around our areas of operation, as well as the timing of the above mentioned capital program in Sabria.

Supporting Documents

The full Management Discussion and Analysis (" MD&A ") and Financial Statements have been filed in English on www.sedar.com and in Polish and English via the ESPI system, and will also be available on www.serinusenergy.com. 

Abbreviations

Cautionary Statement:
BOEs may be misleading, particularly if used in isolation.  A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

About Serinus
Serinus is an international upstream oil and gas exploration and production company that owns and operates projects in Tunisia and Romania.

For further information, please refer to the Serinus website (www.serinusenergy.com) or contact the following:

Translation : This news release has been translated into Polish from the English original.

Forward-looking Statements  This release may contain forward-looking statements made as of the date of this announcement with respect to future activities that either are not or may not be historical facts. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable as of the date hereof, any potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.  Various factors that could impair or prevent the Company from completing the expected activities on its projects include that the Company's projects experience technical and mechanical problems, there are changes in product prices, failure to obtain regulatory approvals, the state of the national or international monetary, oil and gas, financial, political and economic markets in the jurisdictions where the Company operates and other risks not anticipated by the Company or disclosed in the Company's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties and actual results may vary materially from those expressed in the forward-looking statement. The Company undertakes no obligation to revise or update any forward-looking statements in this announcement to reflect events or circumstances after the date of this announcement, unless required by law.