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Moftinu – 1004 Well Flows 6.0 mmscf/D on Test

Source: www.gulfoilandgas.com 2/11/2020, Location: Europe

Serinus Energy plc (“Serinus”, SEN) , is pleased to announce the flow-test results of the Moftinu - 1004 well. The well flowed 6.0 million standard cubic feet per day (MMscf/d) (approximately 1,000 boe/d) on test. As previously announced, the Moftinu - 1004 well was drilled to 1,000 metres.

The well has five gas-bearing zones that appeared on logs: A2 sand; A2.2 sand; A3 sand; B1 sand; and B3 sand. The three deeper zones were completed, being A2 sand, A2.2 sand, and A3 sand. The two shallower zones had gas pay on logs but were not completed. These zones may be exploited later in the life of the well.

After completing the perforation and well completion operations, the Company initiated a flow test whereby all three deeper zones were tested comingled. The well testing procedure and results are as follows:

- Moftinu-1004 was flowed on a 20/64” choke for 4 hours followed by a 4 hour build up, then flowed on a 32/64” choke for 4 hours followed by a 4 hour build up, then flowed on a 40/64” choke for 4 hours followed by a 4 hour build up, and then lastly flowed on a 36/64” choke for 15 hours.

- On the largest choke size (40/64”), the well flowed at an average rate of 6.0 “MMscf/d” with no progressive pressure decrease throughout the test.

- During the final flow period (15 hours) on a reduced choke size (36/64”), the well flowed at 5.5 MMscf/d with no progressive pressure decrease throughout the test.

The well has now been put on a five-day pressure build-up after which the well will be tied into the completed flowline connecting to the Moftinu gas plant.

Competent Persons Statement
In accordance with the AIM Rules for Companies, the technical information contained in this announcement has been reviewed and approved by Mrs. Alexandra Damascan, President of Serinus Energy Romania. Mrs. Damascan is a qualified person as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas Companies and is authorized by the Romanian National Agency for Mineral Resources (NAMR) as a specialist with professional and technical competencies to conduct petroleum operations. Mrs. Damascan has a Bachelor’s degree in Petroleum Engineering from the University of Oil and Gas in Ploiesti, Romania, and a Master’s degree in Oil and Gas Business Administration, specialized in oil, gas, and mining from the same university. She has over 11 years of oil and gas exploration and development experience.

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