Serinus Energy Inc is pleased to report that the Moftinu-1001 exploration well has commenced drilling.
Moftinu-1001 is located in the Satu Mare Concession (“Satu Mare”) in northwest Romania and is the first of a two well drilling program by the Company in that concession. The planned total depth is 1,848 metres and the well is expected to take 18 days to drill. The rig will move to the second location, Moftinu?1002bis, immediately after drilling and casing Moftinu-1001.
Both wells are following up on the Moftinu-1000 well drilled in 2012, which tested an aggregate of 1.6 MMcf/d from two zones. Moftinu-1000 was drilled prior to the acquisition of 3D seismic over the area, and is located down dip of both the Moftinu- 1001 and 1002bis wells. The Moftinu-1001 and 1002bis locations have been selected using 3D seismic and are targeting Miocene and Pliocene aged sands at depths between 1,800 – 2,000 metres, within structural closures in combination with seismic amplitude anomalies. Both wells are expected to be drilled and cased by mid-December, and completion and testing will commence in late January 2015.
The Company is also currently shooting an additional 180 km2 of 3D seismic in the Santau area within Satu Mare, immediately south of Moftinu. Acquisition is expected to be complete by November 15, 2014, and processing and interpretation to be done during Q1 2015.
Satu Mare is a 765,000 acre exploration block, located in northwest Romania which is 60% owned and operated by Winstar Satu Mare SRL, a wholly-owned subsidiary of Serinus. The other 40% is owned by a subsidiary of KMG International, a company with a wide variety of interests in the Romanian energy sector.
