Serinus Energy PLC – Half-year Report 2019

Serinus Energy PLC – Half-year Report 2019

Operational

·      Commercial production and gas sales from the Moftinu gas facility in Romania commenced on 25 April 2019

·      Overall group production for the period increased 87% to 680 boe/d from 363 boe/d in the first half of 2018, comprised of 372 boe/d in Romania and 309 boe/d in Tunisia

·      Production in the second quarter of 2019 was 1,040 boe/d, which was more than triple the production in the comparable quarter of 2018 of 345 boe/d

·      The Group exited the quarter with a production exit rate of 2,000 boe/d.  Production in July 2019 was 2,101 boe/d, comprised of 356 boe/d in Tunisia and 1,745 boe/d in Romania

·      The reopening of the Chouech Es Saida field in southern Tunisia commenced during the period, having been shut in since February 2017.  The first pump replacement on the CS-3 well has been completed and production from this well commenced in July 2019.  The second workover has also been completed with production commencing in August 2019.  The two remaining wells are also producing as their pumps were still working

·      During the first six months of 2019, Serinus completed the Moftinu gas facility in Romania.

Financial

·      During March, the Company undertook a placing raising gross proceeds of $3.0 million to fund a Senior debt repayment to the European Bank of Reconstruction and Development (“EBRD”) due 31 March 2019 of $2.9 million

·      $6.4 million received in revenue (gross of royalties) ($5.9 million net) of which $3.4 million was generated in Tunisia and $3.0 million in Romania

·      Realised crude oil price averaged $63.07 per bbl and realised natural gas price in Romania averaged $7.45 per mcf

·      Capital expenditures of $1.6 million were incurred and were primarily focused on the final phase of the construction of the Moftinu gas facility

·      Funds from operations amounted to $1.4 million

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