17th Sep 2018 11:52
LONDON (Alliance News) - Serinus Energy PLC said Monday it is "thrilled" with results from the Moftinu-1003 well on the eponymous gas field in Romania.
Serinus completed three deeper zones on the well, with three shallower ones not finished but the company might return to them in future.
Serinus, during the final flow period for 15 hours, flowed at 5.5 million square feet a day, with no pressure decrease, and the well also produced no water from sand formations "at any point".
The company will now tie the well into the completed flowline connecting to the Moftinu gas plant.
Serinus Chief Executive Jeffrey Auld said: "The company is thrilled with the excellent test results from the Moftinu-1003 well.
"The team was able to drill this well significantly ahead of schedule and under budget, discover three new gas bearing zones and test the well at very productive rates. With the successes of Moftinu-1007 and Moftinu-1003, our team has demonstrated its ability to execute back-to-back successful wells whilst still being focused on costs and safety. The Moftinu-1003 well will provide significant additional production to the Moftinu gas plant."
Shares were 2.3% higher on Monday at 15.60 pence each.
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