Serinus Q1 2016 Financial and Operating Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 05/12/16 -- Serinus Energy Inc. ("Serinus", "SEN" or the "Company") (TSX: SEN)(WARSAW: SEN), is pleased to report its financial and operating results for the quarter ended March 31, 2016.
Note: with the sale of its 70% ownership interest in Ukraine, the financial results from those assets have been reclassified as discontinued operations for the three months ending March 31, 2016. The comparative financial statements have been restated to show the discontinued operations separate from continuing operations. In accordance with IFRS standards, results of operations in Ukraine are included up to the date of close in Serinus'' consolidated financial results
First Quarter Highlights
Operational Highlights & Update
First quarter production and prices are broken down as follows:
Outlook
Average daily production for the second quarter to date was approximately 1,225 boe/d (902 bbl/d of oil, 1.9 MMcf/d of gas).
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 Company estimates that new drilling will become economically viable at sustained prices in the mid - forties per barrel, although existing production in Tunisia remains cash flow positive at prices as low as $30/bbl. The 2016 budget will be re-examined on an ongoing basis in the event of that management becomes confident that such a price can be sustained, and that funding is available to recommence drilling.
In Romania, Serinus will concentrate on moving the Moftinu-1001 discovery into the experimental production phase. Management is currently refining the drilling program and has commenced preliminary design of the required surface facilities. Pending ratification by several government ministries of the Phase 3 extension of the Satu Mare Concession, and receipt of typical permits and approvals, drilling and construction could commence in the second half of 2016. The Company is considering taking on a joint venture partner to assist in financing the Moftinu project.
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. 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.
Notes: Serinus prepares its financial results on a consolidated basis, which includes 100% of its indirectly 70% owned subsidiary, KUB-Gas LLC ("KUB-Gas"). Unless otherwise noted by the phrases "allocable to Serinus", "net to Serinus", "attributable to SEN shareholders" or "net to 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.
Contacts:
Serinus Energy Inc. - Canada
Norman W. Holton
Vice Chairman
+1-403-264-8877
Serinus Energy Inc. - Canada
Gregory M. Chornoboy
Director - Capital Markets & Corporate Development
+1-403-264-8877
Serinus Energy Inc. - Poland
Jakub J. Korczak
Vice President Investor Relations & Managing Director CEE
+48 22 414 21 00
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 12.05.2016 - 16:15 Uhr
Sprache: Deutsch
News-ID 1434811
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
CALGARY, ALBERTA
Phone:
Kategorie:
Oil & Gas
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 125 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Serinus Q1 2016 Financial and Operating Results
"
steht unter der journalistisch-redaktionellen Verantwortung von
Serinus Energy Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
