Serinus Energy Announces Interim Results for Three Months Ended 31 March 2022

Source: www.gulfoilandgas.com 5/12/2022, Location: Africa

Serinus Energy plc (“Serinus”) (SENX) is pleased to announce its interim results for the three months ended 31 March 2022.

Financial

- Revenue for the three months ended 31 March 2022 was $13.4 million (31 March 2021 - $7.6 million)

- The Company generated net income of $1.0 million (31 March 2021 – $1.0 million loss)

- EBITDA for the three months ended 31 March 2022 was $3.1 million (31 March 2021 - $2.6 million)

- Gross profit for the three months ended 31 March 2022 was $2.9 million (31 March 2021 - $0.7 million)

- The Company realised a net price of $184.57/boe for the three months ended 31 March 2022, comprising:
- Realised oil price - $90.13/bbl
- Realised natural gas price - $33.94/Mcf ($203.64/boe)

- The Group’s operating netback remained strong for the three months ended 31 March 2022 and was $148.88/boe (31 March 2021 - $23.90/boe), comprising:
- Romania operating netback - $182.79/boe (31 March 2021 - $26.23/boe)
- Tunisia operating netback - $41.88/boe (31 March 2021 - $18.33/boe)

- Capital expenditures of $1.5 million (31 March 2021 - $3.5 million), comprising:
- Romania - $1.3 million
- Tunisia - $0.2 million

- Cash balance as at 31 March 2022 was $6.2 million

Operational

- The Satu Mare 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

- Well permitting is underway and rig availability has been determined for a multi-well drilling program in the latter half of 2022 in Romania

- The Sabria W-1 wellsite has been prepared for the intervention which will install the first submersible pump for the Artificial Lift programme in the Sabria field. Tubulars and workover consumables are onsite

- The Company has signed a rig contract and is awaiting rig mobilization from another operator and the workover and pump installation at the Sabria W-1 well will commence as soon as the rig is available

- Upon completion of the workover and pump installation at Sabria W-1, the rig will move to the Sabria N-2 well to perform a workover to recomplete the well. All materials required for this intervention are sourced

- Additional pumps and long-lead items in Tunisia have been ordered, to mitigate longer lead times created by global supply chain disruptions

- Production for the period averaged 1,115 boe/d, comprising:
- Romania – 610 boe/d
- Tunisia - 505 boe/d

- The Company performed a lifting in April 2022 of 42,000 bbls of Tunisian crude oil at a price of $104.79/bbl. Revenue will be recognised in the second quarter of 2022


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