Serinus Energy Announces Interim Results for Six Months Ended 30 June 2022

Source: www.gulfoilandgas.com 8/15/2022, Location: Africa

Serinus Energy plc (“Serinus”) (SEN), is pleased to announce its interim results for the six months ended 30 June 2022.

Financial
- Revenue for the six months ended 30 June 2022 was $29.3 million (30 June 2021 - $15.9 million)
- Funds from operations for the six months ended 30 June 2022 were $8.2 million (30 June 2021 - $5.3 million)
- EBITDA for the six months ended 30 June 2022 was $8.1 million (30 June 2021 – $5.5 million)
- Gross profit for the six months ended 30 June 2022 was $8.0 million (30 June 2021 - $2.1 million)
- The Company realised a net price of $154.83/boe for the six months ended 30 June 2022 comprising:
- Realised oil price – $101.63/bbl
- Realised natural gas price - $33.80/Mcf
- The Group’s operating netback remained strong for the six months ended 30 June 2022 and was $113.38/boe (30 June 2021 - $26.72/boe), comprising:
- Romania operating netback - $171.01/boe (30 June 2021 - $28.73/boe)
- Tunisia operating netback - $63.49/boe (30 June 2021 - $21.85/boe)
- Capital expenditures of $4.2 million (30 June 2021 – $5.9 million), comprising:
- Romania – $3.5 million
- Tunisia – $0.7 million
- Working capital improved to $2.8 million (31 December 2021 - $0.6 million)
- Cash balance as at 30 June 2022 was $7.2 million (31 December 2022 - $8.4 million)

Operational
- Canar-1 exploration well commenced drilling on 4 August 2022
- Canar-1 will be drilled to 1,600 metres, targeting three prospective hydrocarbon zones and with success will be connected to the Moftinu gas plant, utilising current plant capacity
- Immediately upon completion of the drilling of Canar-1, the rig will be moved to the Moftinu Nord-1 location and will commence drilling of the Moftinu Nord-1 exploration well
- Moftinu Nord-1 will be drilled to a depth of 1,000 metres and will target a field similar to the Moftinu gas field. Moftinu Nord-1 is approximately five kilometres to the north of the Moftinu gas development project
- Management estimates 181 million barrels of mean unrisked resource are present within the Satu Mare concession area
- The Company has initiated a geological and geophysical review of the Satu Mare concession to high rank the 181 million barrels of oil equivalent prospects
- In Tunisia, production has remained stable in the first half of 2022. All material and consumables for the artificial lift programme at the Sabria W-1 well have been received in-field and the Company is awaiting mobilisation of the rig
- Workover at the CS-9 well at Chouech Es Saida is ongoing
- Production for the period averaged 1,006 boe/d, comprising:
- Romania – 485 boe/d
- Tunisia - 521 boe/d
- In April 2022, the Company performed a lifting of 42,000 bbls of Tunisian crude oil at a price of $104.79/bbl
- The Company has scheduled the next lifting and expects to perform this lifting in August 2022


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