Serinus Energy Announces Completion of Sabria N-2 Well Workover in Tunisia

Source: 6/5/2023, Location: Africa

Serinus Energy plc (“Serinus”)(SENX, SEN) is pleased to announce that the workover operations on the Sabria N-2 well in Tunisia have been completed. Having successfully removed wellbore restrictions and recompleted the well, the Company has mobilised surface testing equipment to the well site to evaluate well production. Upon completion of the testing program the Company will make a further announcement with the testing results.

The workover was completed on time and within budget despite 3.5 days non-productive time caused by high winds. The workover was performed with zero Lost Time Incidents. The Compagnie Tunisienne de Forage (“CTF”) crew performed well, and the CTF-004 rig experienced no material downtime. Sabria is a large, conventional oilfield which the Company’s independent reservoir engineers have estimated to have approximately 445 million barrels of oil equivalent hydrocarbons originally-in-place, of which only 1.6 % has been produced to date.

Competent Persons Statement
In accordance with the AIM Rules for Companies, the technical information contained in this announcement has been reviewed and approved by Mr. Stuart Morrison, Chief Operating Officer of Serinus Energy plc. Mr. Morrison is a qualified person as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas Companies and has the necessary professional and technical competencies to conduct petroleum operations. Mr. Morrison has a Bachelor of Science (First Class Honours) Degree in Chemical Engineering and a Master of Engineering Degree in Petroleum Engineering, both from Heriot-Watt University, Edinburgh. Mr. Morrison has over 35 years of oil and gas industry operational experience in numerous senior management roles.

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