Serinus Energy works towards drilling in Romania

The AIM-traded firm said it was planning to drill two wells sequentially into two separate natural gas prospects, located near the Moftinu gas field and gas plant.

Subject to the results of the first two wells, the company said it anticipated drilling a third well to complete the 2022 programme.

“The two prospects to be drilled during this operation are the Canar prospect and the Moftinu Nord prospect,” Serinus said in its statement.

“The company's recently completed 2D seismic acquisition programme has confirmed the attractiveness of these prospects.

“Subject to the timely approval of all permits, the company intends to drill the Canar-1 well located four kilometres to the west of the Moftinu gas plant, commencing in late June or early July.”

On completion of the Canar-1 well, the firm said it expected to drill the Moftinu Nord-1 well, describing Moftinu Nord as a “distinct gas prospect” located 5.2 kilometres to the northwest of the Moftinu gas plant.

“Permitting for these wells has commenced and is expected to be completed within the next few weeks.

“All long lead items for the Canar-1 well have arrived at the company's warehouse in Satu Mare county.

“Remaining long lead items for the Moftinu Nord-1 well will be available prior to the planned commencement of drilling.”

The surface works, including access roads and drilling platforms, for both wells were also underway, and near completion.

Serinus said it had secured a drilling rig for the programme, with a rig mobilisation order expected in late June.

“The company is fully funded for its 2022 capital programme in Romania and Tunisia.

“The company will provide further updates to the market as this drilling program progresses over the summer.”

At 1144 BST, shares in Serinus Energy were up 7% at 13p.

Reporting by Josh White at Sharecast.com.