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Serinus to start drilling Moftinu-1004 gas well in Romania in 2020

BLACK SEA
OIL & GAS

Serinus to start drilling Moftinu-1004 gas well in Romania in 2020

Oil and gas exploration company Serinus Energy will start drilling the Moftinu-1004 well in Romania's Satu Mare in the first quarter of 2020 - SeeNews reports.

The third exploration phase of the Satu Mare concession has been granted a 12-month extension. The Moftinu-1004 well is already permitted and construction of surface facilities needed to drill this well is underway.

Once successfully completed and tied-in, the Moftinu-1004 well will provide additional gas production to the Moftinu Gas Plant. Given the grant of the 12-month extension, the company anticipates that the seismic acquisition programme will now commence in the second quarter of 2020 when there will be more favourable weather and ground conditions in which to perform the survey.

According to the publication, the company applied to Romania's National Agency of Mineral Resources for the extension in order to allow sufficient time to complete the seismic programme and fulfil all commitments for this phase. The current phase will expire on October 28, 2020.

Moftinu-1004 is anticipated to be a production well located within the Moftinu field and drilled to a depth of approximately 1,000 m.

The Moftinu gas field, discovered by Serinus in 2014, is the catalyst for future, self-funded, growth in the Satu Mare concession. Satu Mare is a 729,000 acre exploration block which is 60% owned and operated by Winstar Satu Mare SRL, a wholly owned subsidiary of Serinus.

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 are traded on the stock exchanges in Warsaw and Toronto.