Serinus Energy gears up for maiden revenue from Romanian asset

While Serinus awaited the completion of a gas processing plant on the site, the group focussed its efforts on finalising a gas sales deal for the site with an unnamed and "internationally recognized gas trader".

In terms of the group's financial performance, Serinus realised an oil price of $71.74 in the second quarter and $68.73 per barrel across the half, a marked improvement against the $47.25 and $49.72 recorded at the same time in 2017.

Serinus' revenue dropped 15.67% during the half to $4.69m, but still managed to narrow its losses 78% year-on-year to $338,000 after receiving $2.6m in insurance payments as a result of a claim made following emergency operations at its Moftinu-1001 well.

The London-listed firm spent a total of $7.4m on Moftinu throughout the first half.

As of 1030 BST, Serinus shares had lost 4.76% to 15p.