Energy Serinus due to start Satu Mare well exploitation

MOFTINU-1001

Serinus Energy, owner of the oil company Winstar Satu Mare, has announced it could start commercial operations at Moftinu-1001 well in the Satu Mare perimeter, after the tests conducted after drilling have identified a gas deposit of nearly 481,400,000 cubic meters. “We are very pleased with the tests results. The size of the gas accumulations around Moftinu-1001 appears to be at a level that can be sold and we anticipate the expansion of Satu Mare concession and the drawing up of the development plan,” Tim Elliott, Serinus Energy Director General, said in a statement. The company is controlled by the Polish Kulczyk Investments fund. Serinus owns in Satu Mare a perimeter with an area of 2,949 square kilometres, which it manages together with KMG International (former Rompetrol).

Winstar Satu Mare owns 60% of the concession, and KMG International holds the remaining 40%. In Q4 last year, Serinus drilled and completed two wells in Satu Mare, namely Moftinu-1001 and Moftinu-1002bis. Tests performed after completing the wells indicate recoverable volumes of gas of over 481,380,000 cubic meters in Moftinu-1001, above the previous estimate of 290 million cubic meters. Along with the Satu Mare perimeter, Serinus Energy has exploration and production activities in Ukraine, Tunisia, Brunei and Syria. Serinus is listed in Poland and Canada.

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