Serinus Energy – Drilling Operations for Moftinu – 1003 Well Concluded

Serinus Energy plc (“Serinus”, “SEN” or the “Company”) (AIM:SENX, WSE:SEN), is pleased to announce that the drilling of the Moftinu – 1003 well has concluded, achieving the total planned depth of 1,600 metres. The well was drilled ahead of schedule and approximately 19% below budget. he drilling rig has been released and a snubbing unit has been mobilized to perform the well completion and testing operations, which have commenced. Log analysis undertaken during the drilling operations have identified six gas-bearing Pliocene zones across 5 stratigraphic zones. In addition to the A1, A2, and A3 sands that have been previously tested in the Moftinu – 1001 and Moftinu – 1007 wells, the well logs also indicate potential gas zones that have never been tested. These untested zones are the Lower A2, the A2.1, and the A2.2.

• A1 Sand formation was intersected from 874.5m to 890.0m
• Lower A2 Sand was intersected from 813.5 m to 816.0m
• Upper A2 Sand (previously referred to as the A2 Sand) was intersected from 799.0m to 805.0m
• 1 Sand was intersected from 772.0m to 773.0m
• 2 Sand was intersected from 752.0m to 754.0m
• A3 Sand formation was intersected from 727.5m to 731.0m

The 3 shallower gas bearing zones, which includes the previously tested A3, may be produced from this wellbore at a later date. The Company plans to perforate and test the A1, lower A2 and upper A2 Sands during completion and testing operations on the Moftinu – 1003 well. It is expected that the completion and testing operations will last approximately two weeks. The Company has allowed additional testing time to allow sufficient pressure build-up of the producing zones. The flowline to move gas from the Moftinu-1003 well to the Moftinu Gas Plant has been permitted and procured and will be constructed in the coming weeks.

Source: serinusenergy.com, August 28^th