REG - Serinus Energy PLC - Participation in Onshore Angola Licence Round

Serinus EnergyAnnouncement

23/01/2024 07:00

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RNS Number : 5919A  Serinus Energy PLC  23 January 2024

23 January 2024

 

Press Release

Participation in Onshore Angola Licence Round

Jersey, Channel Islands, 23 January 2024 -- Serinus Energy plc ("Serinus" or
the "Company") (AIM:SENX, WSE:SEN) notes that it has been selected as a
preferred bidder on the KON-13 block in the onshore Kwanza basin in the
Republic of Angola. Formal notification of this preferred bidder status is
expected to be received from the Agência Nacional De Petróleo, Gás E
Biocombustíveis ("ANPG") in the coming days.

In November 2023, the Company submitted proposals to participate as operator
on two blocks in the Kwanza basin onshore Angola.  The Kwanza basin is a
large proven hydrocarbon basin extending over 25,000 km(2). The basin has
existing oil discoveries dating back over seventy years. The Company was
awarded preferred bidder status on one concession area, KON-13.    The
KON-13 block has an aerial extent of 1,011 km(2) with one exploration well
drilled in 1969 and 136 km of legacy 2D seismic.

The Kwanza basin is located both on and offshore in Angola. It extends from
Luanda, located in the north, to Cape Santa Maria farther south.  The Company
sees this basin as an under-explored and under exploited basin.  Activity in
the basin was halted for the duration of the Angolan Civil War and the Company
sees this basin as attractive for further exploration and development
activities.

Serinus has been selected as the preferred operator of the KON-13 block with
an allocated working interest of 55%. The selected non-operator partners for
the Company are Effimax Energy (30% working interest), and Sonangol (Angola's
national oil company with 15% working interest). The Company and its partners
will engage with ANPG to negotiate the licence terms on the Block. These
negotiations are expected to be carried out over the next several months.

The Company will provide further details regarding the licence terms in due
course.

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

 Calvin Brackman, Vice President, External Relations & Strategy

 Shore Capital (Nominated Adviser & Broker)

 Toby Gibbs                                                           +44 207 408 4090

 Lucy Bowden

 Camarco (Financial PR - London)                                      +44 203 781 8334

 Owen Roberts

 

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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