Jersey, Channel Islands, 15 December 2022 — Serinus Energy plc (“Serinus” or the “Company”) (AIM:SENX, WSE:SEN) is pleased to announce that the CTF-04 rig has completed rig-up and is preparing to commence operations.
This operation will install the first submersible pump into the Sabria W-1 well as part of the Company’s Artificial Lift programme for the Sabria field. The completion of the planned operation is expected to take 60 days. Independent engineering analysis by SGS has determined that a successful workover and pump installation has an estimated initial mean increase in gross production of 796 boe/d.
Upon completion of the workover and pump installation at Sabria W-1, the rig will immediately move to the Sabria N-2 well to perform a workover to recomplete the well. This well was drilled in 1980 but was damaged during completion and, although in proximity to producing wells, was not able to flow oil to surface due to damage during completion. The workover program will re-complete the well and remove any wellbore restrictions.
Sabria is a large, conventional oilfield which the Company’s independent reservoir engineers have estimated to have approximately 445 million barrels of oil-originally-in-place. Of this oil-in-place only 1.0% has been produced to date due to a low rate of development on the field. The installation of artificial lift in the Sabria wells and the recompletion of the N-2 well is expected to result in a material increase in Sabria oil and gas production.
Competent Person Statement
In accordance with the AIM Rules for Companies, the technical information contained in this announcement has been reviewed and approved by Mr. Stuart Morrison, Chief Operating Officer of Serinus Energy plc. Mr. Morrison is a qualified person as defined in the London Stock Exchange’s Guidance Note for Mining and Oil and Gas Companies and has the necessary professional and technical competencies to conduct petroleum operations. Mr. Morrison has a Bachelor of Science (First Class Honours) Degree in Chemical Engineering and a Master of Engineering Degree in Petroleum Engineering, both from Heriot-Watt University, Edinburgh. Mr. Morrison has over 34 years of oil and gas industry operational experience in numerous senior management roles.
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
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