Serinus Announces Q1 2017 Financial and Operating Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 05/11/17 -- Serinus Energy Inc. (TSX: SEN)(WARSAW: SEN) ("Serinus", "SEN" or the "Company"), is pleased to report its financial and operating results for the three months ended March 31, 2017.
Q1 2017 Highlights
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.
Summary Financial Results (US$ 000''s unless otherwise noted)
General & Financial Highlights
Operational Highlights
Outlook
The Company is focusing on Romania as the impetus for growth over the next three years. The Moftinu gas development project 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 Company signed an EPCC contract on May 9, 2017 and will imminently commence construction of a gas plant with 15 MMcf/d of operational capacity, with expected first gas production in the first quarter of 2018.
The Company is also developing the drilling program to meet work commitments for the extension and plans to drill two additional development wells (Moftinu-1003 and 1004) with a potential third well in 2018. The Corporation sees potential production from these wells being able to bring the gas plant to full capacity in late 2018.
In Tunisia, the Company will focus on carrying out low cost incremental work programs to increase production from existing wells, including the Sabria N-2 re-entry and installing artificial lift on another Sabria well. The Corporation views Sabria as a large development opportunity longer term.
Average working interest production in Q2 2017 in Tunisia to the end of April was 637 boe/d (470 bbl/d of oil, 957 MMcf/d of gas).
The Company''s production has been significantly curtailed in the first quarter of 2017 because of the shut-in of the Chouech Es Saida field in Tunisia from February 28, 2017, to date. Assuming the continued shut-in, production is projected to be approximately 620 boe/d for the second quarter of 2017. Increasing full year production for 2017 is dependent on the resolution of the associated security and safety issues that would allow for successful resumption of production at the Chouech Es Saida field, as well as the timing of the above-mentioned capital program in Sabria.
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.
Contacts:
Serinus Energy Inc.
Calvin Brackman
Vice President, External Relations & Strategy
Tel.: +1-403-264-8877
Serinus Energy Inc.
Jeffrey Auld
Chief Executive Officer
Tel.: +1-403-264-8877
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Datum: 11.05.2017 - 16:10 Uhr
Sprache: Deutsch
News-ID 1504144
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CALGARY, ALBERTA
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Oil & Gas
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