Serinus Q2 2016 Financial and Operating Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 08/11/16 -- 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 June 30, 2016.
Note: with the sale of its 70% ownership interest in Ukraine in early February 2016, the financial results from those assets have been reclassified as discontinued operations starting with the three month period ending March 31, 2016. The comparative financial statements have been restated to show the discontinued operations separate from continuing operations. Unless otherwise noted, all figures contained in this press release are with respect to the continuing operations only. More information concerning the discontinued operations is contained in the Financial Statements and Management''s Discussion and Analysis.
Second Quarter Highlights
Operational Highlights & Update
Outlook
Average daily production (SEN WI) for the third quarter to date was approximately 998 boe/d (822 bbl/d of oil, 1.1 MMcf/d of gas). At Chouech Es Saida, gas sales have been curtailed since early July due to operational issues at STEG, and the CS-3 well developed a tubing leak, necessitating remediation. Workover operations have commenced and the well is expected to be back on production by the end of August. Management estimates that rectification of these issues will restore approximately 900 Mcf/d and 100 bbl/d of production respectively.
The Company''s focus remains on reducing costs wherever possible while maintaining existing production in Tunisia. The Company estimates that new drilling is economically viable at current prices in the mid - forties per barrel, provided they are sustainable. The 2016 budget will be re- examined on an ongoing basis in the event of that management becomes confident that such prices can be sustained, and that funding is available to recommence drilling. Existing production in Tunisia remains cash flow positive at prices as low as $30/bbl.
In Romania, Serinus will concentrate on moving the Moftinu-1001 discovery into the experimental production phase. Pending ratification of the Phase 3 extension of the Satu Mare Licence, management continues to refine the drilling program and has commenced preliminary design of the required surface facilities.
The Company is examining several alternatives for funding the development activities in both Romania and Tunisia.
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.
Note: Serinus reports in US dollars. All dollar amounts referred to herein, whether in dollars or dollars per share, barrel, Mcf or other are in USD, unless specifically noted otherwise.
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
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Datum: 11.08.2016 - 16:15 Uhr
Sprache: Deutsch
News-ID 1452238
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CALGARY, ALBERTA
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Oil & Gas
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