Serinus Energy Announces Annual Financial Results for 2021

Source: www.gulfoilandgas.com 3/21/2022, Location: Africa

Serinus Energy plc (“Serinus”) (SEN) is pleased to announce its Annual Financial Results for 2021.

2021 HIGHLIGHTS
FINANCIAL
- Revenue for the year ended 31 December 2021 was $40.0 million (31 December 2020 - $24.0 million)

- The Company generated net income of $8.4 million (31 December 2020 – loss of $9.3 million)

- EBITDA for the year ended 31 December 2021 was $12.3 million (31 December 2020 - $6.6 million)

- The Company realised a net price of $66.82/boe for the year ended 31 December 2021, comprising:
- Realised oil price - $65.19/bbl
- Realised natural gas price - $11.25/Mcf

- The Group’s operating netback remained strong for the year ended 31 December 2021 and was $44.60/boe (31 December 2020 - $14.55/boe), comprising:
- Romania operating netback - $52.44/boe (31 December 2020 - $16.44/boe)
- Tunisia operating netback - $29.77/boe (31 December 2020 - $8.71/boe)

- Capital expenditures of $10.7 million (31 December 2020 - $5.5 million), comprising:
- Romania - $9.5 million
- Tunisia - $1.2 million

- Cash balance as at 31 December 2021 was $8.4 million

OPERATIONAL

- Successfully drilled two wells in Romania in 2021, bringing the Moftinu-1008 well into production in February 2021 and discovering gas at the Sancrai-1 well, which has subsequently been suspended

- The first of two compressors at the Moftinu field was commissioned in the fourth quarter of 2021 with the second installed and commissioned in February 2022. It is expected that compression on the wells will stabilise production and extend overall field life

- A new 2D seismic acquisition programme has been completed and interpretation work to support the drilling of up to three prospects adjacent to the Moftinu field, is underway

- Subject to well permitting approvals, the Company intends to begin a multi-well drilling programme in the latter half of 2022 in Romania

- In Tunisia, the first submersible pump for the Artificial Lift programme has been delivered to the Sabria field. The Company is awaiting rig mobilization for the workover and pump installation at the Sabria W1 well to commence. Plans for additional pumps in the Sabria field are being progressed

- Workovers in the Chouech Es Saida field has resulted in increased production from wells CS-3 and CS1

- Production for the year averaged 1,649 boe/d, comprising:
- Romania – 1,078 boe/d
- Tunisia - 571 boe/d

- Serinus has continued to operate safely and effectively through the COVID-19 pandemic, with the successful implementation of operational and monitoring protocols to ensure the health and safety of our employees and achieved 1,000 accident-free days of continuous operation at the Moftinu gas plant


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