Serinus receives extension of Satu Mare exploration phase

Oil and gas exploration and development firm Serinus Energy has secured an extension on the third exploration phase of the Satu Mare Concession in Romania for 12 months.

Serinus also noted that the company is proceeding with the drilling of the Moftinu-1004 well in the first quarter of next year.

The third exploration phase was set to expire on 26 October, by when the company has to fulfil all work commitments for this phase, including the completion of a minimum of 120km² 3D seismic acquisition programme.

Serinus has also been allowed a 148km² 3D programme area in the Berveni area to the north of the Moftinu gas plant. This permitting programme had been subject to unexpected delays in entering land access agreement with landowners within the seismic acquisition area.

Serinus said that the company applied to the National Agency of Mineral Resources in Romania for the extension requesting for enough time to complete the seismic programme for this phase.

This phase is now set to expire on 28 October next year.

Having been granted the extension, the company plans to start the seismic acquisition programme in the second quarter of next year when the weather and ground conditions will be favourable to perform the survey.

This seismic programme postponement will enable the company to advance drilling at the Moftinu-1004, which is to be drilled to an expected depth of 1,000m.

Construction on the surface facilities needed to drill the Moftinu-1004 well is currently underway.

Serinus expects that Moftinu-1004 will be spudded next January.

Upon the successful spudding of the well, it will provide additional gas production to the Moftinu Gas plant in the Satu Mare concession.

Last June, Serinus Energy concluded drilling of the Moftinu-1007 well in the concession.