Serinus Announces 2016 Financial and Operating Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 03/16/17 -- 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, 2016.
2016 Highlights
Summary Financial Results (US$ 000''s unless otherwise noted)
General & Financial Highlights
Operational Highlights
Outlook
Serinus will concentrate on the development of the Moftinu Gas Development Project in Romania which will include building surface facilities. This is a near-term project that is expected to begin producing from the gas discovery wells Moftinu-1001 and Moftinu-1000 in early 2018. The Corporation has obtained all necessary approvals for, and will soon commence, the construction of a gas plant with 15 MMcf/d of operational capacity. Construction of the project will proceed over 2017 with expected first gas from this project in Q1 2018. The Company is also developing the drilling program to meet work commitments for the extension.
Average working interest production in 2017 in Tunisia to the end of February was approximately 727 boe/d (556 bbl/d of oil, 1,030 MMcf/d of gas).
The Company''s production has been significantly curtailed in the first quarter of 2017 as a result of the shut-in of the Chouech Es Saida field in Tunisia, which is expected to continue for the duration of the first quarter. Assuming the continued shut-in, production is projected to be approximately 650 boe/d for the first quarter of 2017. Full year production for 2017 is dependent on the successful resolution of the sit-in at the Chouech Es Saida field and associated security and safety issues, as well as the timing of the above mentioned capital program in Sabria.
Executive Appointment
The Company is pleased to announce the appointment of Mr. Calvin Brackman as Vice President, External Relations & Strategy. Mr. Brackman has a wealth of external relations and strategic planning experience, including being Director of Government Relations at PetroKazakhstan Inc. from 2003 to 2005. For the past 10 years Mr. Brackman has worked as a consultant and advised numerous international oil companies. Mr. Brackman has been Director of External Relations with Serinus since December, 2016.
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.
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. Unless otherwise noted by the phrases "allocable to Serinus", "net to Serinus", "attributable to SEN shareholders" or "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.
Calvin Brackman
Vice President, External Relations & Strategy
+1-403-264-8877
Serinus Energy Inc.
Jeffrey Auld
Chief Executive Officer
+1-403-264-8877
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Datum: 16.03.2017 - 18:10 Uhr
Sprache: Deutsch
News-ID 1493161
Anzahl Zeichen: 2651
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CALGARY, ALBERTA
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Kategorie:
Oil & Gas
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