Serinus Announces 2015 Financial and Operating Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 03/16/16 -- 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, 2015.
2015 Highlights
Summary Financial Results (US$ 000''s unless otherwise noted)
General & Financial Highlights
Operational Highlights
Outlook
Average working interest production in 2016 in Tunisia to the end of February was approximately 1,140 boe/d (926 bbl/d of oil, 1.3 MMcf/d of gas). Average daily production in Ukraine until the closing of the sale to Resano was 15.6 MMcf/d and 67 bbl/d (both values SEN 70% WI).
In light of the current low commodity price environment, the Company''s focus will be on reducing costs wherever possible while maintaining existing production in Tunisia. The 2016 budget will be re-examined on an ongoing basis in the event of a significant movement in Brent crude oil prices.
In Romania, Serinus will concentrate on developing the Moftinu-1001 discovery. Management is currently refining the development drilling program and has commenced preliminary design of the required surface facilities. Pending gazetting of the Phase 3 extension of the Satu Mare Licence and the various permits and approvals required, drilling and construction could commence in mid-2016. The Company is considering taking on a joint venture partner to assist in financing the Moftinu project.
Board Change
At its meeting on March 16, 2016, the Board of Directors of Serinus (the "Board") accepted the resignation of Mr. Vanja Baros with immediate effect, and also with immediate effect, nominated Mr. Lukasz Redziniak as a non-executive director. Mr. Redziniak is an attorney-at-law with more than 20 years of experience in private and public service. He is also General Counsel and a board member of Kulczyk Investments S.A., the Company''s largest shareholder.
The Company and the Board thank Mr. Baros for his service over the past year.
Supporting Documents
The full Management Discussion and Analysis ("MD&A") and Financial Statements have been filed in English on and in Polish and English via the ESPI system, and will also be available on .
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.
Test results are not necessarily indicative of long-term performance or of ultimate recovery. The test data contained herein is considered preliminary until full pressure transient analysis is complete.
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 ().
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.
Contacts:
Serinus Energy Inc. - Canada
Norman W. Holton
Vice Chairman
Tel.: +1-403-264-8877
Serinus Energy Inc. - Canada
Gregory M. Chornoboy
Director - Capital Markets & Corporate Development
Tel: +1-403-264-8877
Serinus Energy Inc. - Poland
Jakub J. Korczak
Vice President Investor Relations & Managing Director CEE
Tel.: +48 22 414 21 00
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Unternehmensinformation / Kurzprofil:
Datum: 16.03.2016 - 17:12 Uhr
Sprache: Deutsch
News-ID 1422321
Anzahl Zeichen: 2309
contact information:
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CALGARY, ALBERTA
Phone:
Kategorie:
Oil & Gas
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