N-2 Well Workover in Tunisia
02/05/2023 07:00
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RNS Number : 9852X Serinus Energy PLC 02 May 2023
2 May 2023
Press Release
N-2 Well Workover in Tunisia
Jersey, Channel Islands, 2 May 2023 -- Serinus Energy plc ("Serinus" or the
"Company") (AIM:SENX, WSE:SEN) is pleased to announce that the CTF-004 rig
has completed rig-up and commenced workover operations on the Sabria N-2 well
in Tunisia. This operation will recomplete the N-2 well and remove any
wellbore restrictions. This well was drilled in 1980 but was not able to
flow oil to surface due to damage during completion. The N-2 is in close
proximity to current Sabria producing wells, in particular the prolific
WIN-12bis well. The workover and recompletion is expected to take
approximately 30-40 days. Company engineering analysis estimates that a
successful workover and recompletion will initially increase gross production
from the Sabria field by approximately 420 boe/d.
Upon the recompletion of the N-2 well, the rig will be released.
Sabria is a large, conventional oilfield which the Company's independent
reservoir engineers have estimated to have approximately 445 million barrels
of oil equivalent hydrocarbons originally-in-place, of which only 1.6 % has
been produced to date.
Competent Persons 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 35 years of oil and gas industry
operational experience in numerous senior management roles.
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 +44 204 541 7859
Jeffrey Auld, Chief Executive Officer
Andrew Fairclough, Chief Financial Officer
Calvin Brackman, Vice President, External Relations & Strategy
Shore Capital (Nominated Adviser & Broker) +44 207 408 4090
Toby Gibbs
John More
Camarco (Financial PR - London) +44 203 781 8334
Owen Roberts
Charlotte Hollinshead
TBT i Wspólnicy (Financial PR - Warsaw) +48 602 214 353
Katarzyna Terej
Forward Looking Statement Disclaimer
This release may contain forward-looking statements made as of the date of
this announcement with respect to future activities that either are not or may
not be historical facts. Although the Company believes that its expectations
reflected in the forward-looking statements are reasonable as of the date
hereof, any potential results suggested by such statements involve risk and
uncertainties and no assurance can be given that actual results will be
consistent with these forward-looking statements. Various factors that could
impair or prevent the Company from completing the expected activities on its
projects include that the Company's projects experience technical and
mechanical problems, there are changes in product prices, failure to obtain
regulatory approvals, the state of the national or international monetary, oil
and gas, financial , political and economic markets in the jurisdictions where
the Company operates and other risks not anticipated by the Company or
disclosed in the Company's published material. Since forward-looking
statements address future events and conditions, by their very nature, they
involve inherent risks and uncertainties, and actual results may vary
materially from those expressed in the forward-looking statement. The Company
undertakes no obligation to revise or update any forward-looking statements in
this announcement to reflect events or circumstances after the date of this
announcement, unless required by law.
Translation: This news release has been translated into Polish from the
English original.
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