Preliminary results from Moftinu-1002bis exploration well

Serinus Energy recently announced the preliminary results from the Moftinu-1002bis exploration well in Romania. Moftinu-1002bis is located in the Satu Mare Concession in northwest Romania and is the second of a two well 2014 drilling program by the company in that concession. It was spud in early December, and reached a total depth of 2,083 metres on December 27, 2014. Open hole wireline logs, mud logs and/or drill cuttings indicate seven Cenezoic aged sandstones with an aggregate of 90.5 metres of hydrocarbon bearing rock, and 22 metres of potential net pay. Only a limited electric log suite was obtainable over three of the lower zones due to several well stabilization issues which resulted in hole collapse and washout. The net pay in those zones was determined primarily from strip logs, mud logs, and observation of fluorescence. The wellbore instability appears to be due to increased tectonic stress at the top of the structure.

A liner has been set and cemented in place at a depth of 1,742 metres, and Serinus will now file a completion and testing program with the Romanian regulators. That approval is expected to be granted in or around early February.

Completion and testing of both Moftinu-1002bis and the previously drilled Moftinu-1001 will commence in mid-February and is expected to be complete in early March. These two wells, along with the 180 square kilometre 3D seismic program in the Santau area shot in late 2014 and associated filings to the Government, will fulfil both the Government and partner minimum work commitment for Satu Mare Concession, Phase 2.

“Despite our inability to get a complete log suite over the entire wellbore, we are pleased with the overall results in Moftinu-1002bis, and look forward to testing the various prospective zones. Pending successful testing of this well and Moftinu-1001, we hope that this will be the first commercial development for the company in Romania. We also anticipate increasing our inventory of prospects and leads in Satu Mare as we continue with the processing and interpretation of the recently acquired Santau 3D seismic data this year,” Jock Graham, Executive Vice President and Chief Operating Officer of Serinus, said.

Satu Mare is a 765,000 acre exploration block located in northwest Romania which is 60% owned and operated by Winstar Satu Mare SRL, a wholly owned subsidiary of Serinus. The other 40% is owned by a subsidiary of KMG International, a company with a wide variety of interests in the Romanian energy sector.

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February 2015

June 2017