Jersey, Channel Islands, 15 August 2022 – Serinus Energy plc (“Serinus” or the “Company”) (AIM:SENX, WSE:SEN), is pleased to announce its interim results for the six months ended 30 June 2022.
Financial
· Revenue for the six months ended 30 June 2022 was $29.3 million (30 June 2021 – $15.9 million)
· Funds from operations for the six months ended 30 June 2022 were $ 8.2 million (30 June 2021 – $ 5.3 million)
· EBITDA for the six months ended 30 June 2022 was $8.1 million ( 30 June 2021 – $5.5 million)
· Gross profit for the six months ended 30 June 2022 was $8.0 million (30 June 2021 – $2.1 million)
· The Company realised a net price of $154.83/boe for the six months ended 30 June 2022 comprising:
o Realised oil price – $101.63/bbl
o Realised natural gas price – $33.80/Mcf
· The Group’s operating netback remained strong for the six months ended 30 June 2022 and was $113.38/boe ( 30 June 2021 – $26.72/boe), comprising:
o Romania operating netback – $171.01/boe ( 30 June 2021 – $28.73/boe)
o Tunisia operating netback – $63.49/boe ( 30 June 2021 – $21.85/boe)
· Capital expenditures of $4.2 million ( 30 June 2021 – $5.9 million), comprising:
o Romania – $3.5 million
o Tunisia – $0.7 million
· Working capital improved to $2.8 million (31 December 2021 – $0.6 million)
· Cash balance as at 30 June 2022 was $7.2 million (31 December 2022 – $8.4 million)
Operational
· Canar-1 exploration well commenced drilling on 4 August 2022
· Canar-1 will be drilled to 1,600 metres, targeting three prospective hydrocarbon zones and with success will be connected to the Moftinu gas plant, utilising current plant capacity
· Immediately upon completion of the drilling of Canar-1, the rig will be moved to the Moftinu Nord-1 location and will commence drilling of the Moftinu Nord-1 exploration well
· Moftinu Nord-1 will be drilled to a depth of 1,000 metres and will target a field similar to the Moftinu gas field. Moftinu Nord-1 is approximately five kilometres to the north of the Moftinu gas development project
· Management estimates 181 million barrels of mean unrisked resource are present within the Satu Mare concession area
· The Company has initiated a geological and geophysical review of the Satu Mare concession to high rank the 181 million barrels of oil equivalent prospects
· In Tunisia, production has remained stable in the first half of 2022. All material and consumables for the artificial lift programme at the Sabria W-1 well have been received in-field and the Company is awaiting mobilisation of the rig
· Workover at the CS-9 well at Chouech Es Saida is ongoing
· Production for the period averaged 1,006 boe/d, comprising:
o Romania – 485 boe/d
o Tunisia – 521 boe/d
· In April 2022, the Company performed a lifting of 42,000 bbls of Tunisian crude oil at a price of $104.79/bbl
· The Company has scheduled the next lifting and expects to perform this lifting in August 2022
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 (www.serinusenergy.com) or contact the following:
Serinus Energy plc
Jeffrey Auld, Chief Executive Officer
Andrew Fairclough, Chief Financial Officer
Calvin Brackman, Vice President, External Relations & Strategy
+4 4 204 541 7859
