Serinus Energy drills Moftinu 1003 ahead of time and budget

The AIM-traded company said the well was drilled ahead of schedule, and about 19% below budget.

It said the drilling rig had been released, and a snubbing unit mobilised to perform the well completion and testing operations, which had now commenced.

Log analysis undertaken during the drilling operations had identified six gas-bearing Pliocene zones across five stratigraphic zones.

In addition to the A1, A2, and A3 sands that had been previously tested in the Moftinu 1001 and Moftinu 1007 wells, the well logs also indicated potential gas zones that had never been tested.

Serinus said those untested zones were the Lower A2, the A2.1, and the A2.2.

The company said it planned to perforate and test the A1, lower A2 and upper A2 sands during completion and testing operations on the Moftinu 1003 well.

“It is expected that the completion and testing operations will last approximately two weeks,” the board said in its statement.

“The company has allowed additional testing time to allow sufficient pressure build-up of the producing zones.

“The flowline to move gas from the Moftinu 1003 well to the Moftinu Gas Plant has been permitted and procured and will be constructed in the coming weeks.”