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SERINUS ENERGY – Q3 2016 OPERATIONS UPDATE
Serinus Energy Inc. (“Serinus”, “SEN” or the “Company”) (TSX:SEN, WSE:SEN) is pleased to provide the following update for its operations for the third quarter of 2016.
Third Quarter Production and Realized Prices
Overall production for Q3 was 1,007 boe/d, 17% lower than the 1,206 boe/d in Q2 2016 and 25% lower than the 1,336 boe/d in Q3 2015. Oil averaged 787 bbl/d, and gas was 1.3 MMcf/d. The decrease vs. the prior quarter was due to pump failures on the CS-3 and CS-1 wells in Chouech Es Saida for aggregate downtime of 78 days as parts had to be sourced from outside the country. CS-3 and CS-1 resumed production in early September and early October respectively. Estimated realized prices during the quarter were $43.17/bbl and $4.53/Mcf.
Production for October to date has averaged approximately 1,214 boe/d, comprised of 889 bbl/d of oil and 1.95 MMcf/d of natural gas.
Note: the volumes and prices referred to above are subject to minor revisions once final allocations and invoices are received.
Outlook
The Company’s focus remains 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 that management becomes confident that current oil prices 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, pending ratification of the Phase 3 extension of the Satu Mare Licence.
The Company is examining several alternatives for funding the development activities in both Romania and Tunisia.
About the Company
Serinus is an international upstream oil and gas exploration and production company with a diversified portfolio of projects in Tunisia and Romania. The common shares of the Company trade under trading symbol “SEN” on both the WSE (Warsaw Stock Exchange) and the TSX.
In Tunisia, Serinus owns a 100% working interest in the Chouech Essaida, Ech Chouech, Sanrhar and Zinnia concessions, and a 45% working interest in the Sabria concession. Four of the concessions are currently producing oil or gas.
In Romania, Serinus owns an undivided 60% working interest in the onshore Satu Mare concession, a 2,949 square kilometre exploration and development block, in north western Romania.
The main shareholder of the Company is Kulczyk Investments S.A., an international investment house founded by Polish businessman Dr. Jan Kulczyk.
Source: serinusenergy.com
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