Well Workover Programme in Tunisia
03/04/2023 07:00
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RNS Number : 0484V Serinus Energy PLC 03 April 2023
3 April 2023
Press Release
Well Workover Programme in Tunisia
Jersey, Channel Islands, 3 April 2023 -- Serinus Energy plc ("Serinus" or the
"Company") (AIM:SENX, WSE:SEN) announces that, in consultation with its
partner ETAP, the Company will suspend workover operations at the W-1 well at
the Sabria field in Tunisia while options for its completion are assessed. The
rig will now move to the N-2 well to proceed with the recompletion of this
well.
As previously announced the rig did not meet the Company's certification
requirements and operations were delayed pending that certification.
Subsequent to the rig achieving certification the CTF-004 rig and crew have
performed well and the rig experienced no material downtime. The workover
initially progressed very well with two of three tubing strings being
successfully removed to a depth of 3,433 metres. However unexpected
conditions were subsequently encountered in the wellbore as a result of old
drilling mud and tubulars left in the well from operations in 1998 which
impeded progress with the removal of the final 1.5 inch coiled tubing below a
depth of 2,889 metres. More than 85% of the 1.5 inch tubing was recovered,
however an excess layer of old debris and drilling mud prevented the removal
of further 1.5 inch tubing. The Company and its partner, ETAP, have reviewed
the progress and determined that the workover will be suspended pending
investigations of alternative means of completing the programme. Sabria
production has remained constant and uninterrupted during the workover
program.
In the meantime, the Company and its partner have elected to proceed with
operations on 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 is designed to
recomplete the well and remove any wellbore restrictions.
Whilst conducting the N-2 workover the Company will consider all options to
complete the W-1 pump installation. These options include a side-track and
should this option be selected, the Company will begin side-track design and
the procurement of long lead items. The Company intends to return to the W-1
well and finalise the installation of the downhole pump further to these
investigations.
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 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.
The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU No. 596/2014) (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.
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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