13th Oct 2020 20:15
Serinus Energy PLC - Saint Helier, Jersey-based oil company - Gets approval in Romania from National Agency for Mineral Resources to amend last outstanding work commitment for third exploration phase of Satu Mare concession. Also obtains 12-month extension to work commitment due to Covid-19 disruptions. New exploration phase set to expire October 2021. Further extension corresponding to Romanian state of emergency to be added once this state has been lifted.
"Given the delay in the programme caused by the continuing Covid restrictions in Romania the company approached [National Agency for Mineral Resources] and requested modifications of the work commitment. NAMR has accepted the company's proposal to modify the final work commitment to drill two exploration wells, one to a total depth of 1,000 metres and a second well to a depth of 1,600 metres," said Serinus.
First well, Moftinu-1008, permitted with surface preparation working having begun. It is set to spud in early January 2021 and will drilled into the Moftinu structure. The second planned well will be drilled into the Sancrai structure directly to the south of the Moftinu field.
Current stock price: 5.00 pence
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By Anna Farley; [email protected]
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